For example, hedging is not something gamblers commonly do when making NFL bets, but it can be extremely useful in certain situations when you are betting football. The key to betting football by hedging is to know when to hedge and when to avoid it.
Betting football with a hedge means betting football in a way that gives you insurance against a previous bet. In other words, it is a way of placing NFL bets in which you are guaranteed to win. Hedging is most common when someone has been betting football on futures lines. Imagine a situation in which someone has wagered $100 early in the season on the Cowboys at +500 to win the Super Bowl. If the Cowboys reach the Super Bowl then the gambler knows he has a chance of winning $500 and a chance of winning nothing, depending on the outcome of the Super Bowl. Consequently, the gambler may organize his NFL bets on the Super Bowl with a hedge by wagering on the opposition money line to win the game. If the Cowboys’ opposition has a money line of -105 then the gambler would wager $105 on that team. This way even if the Cowboys lose the gambler will not lose his original $100, meaning the hedge serves as insurance for betting football.
While betting football with a hedge may seem logical in the above situation, it obviously cannot be employed when betting football in normal circumstances. For example, betting football on a single match up by wagering on both sides would simply guarantee a loss due to the juice being laid in the two NFL bets. Furthermore, even when the opportunity to hedge presents itself, it is not always the wisest way to be betting football. One problem with betting football by hedging is that it decreases the maximum winnings you can receive. Much of the allure with futures wagers is that you can enjoy betting football with excellent payoff odds, so decreasing those odds once you have a good shot at winning is not seen as very logical by some gamblers. For many gamblers, betting football by hedging only makes sense if the game in question is unlikely to be won by the team you have wagered on. For instance, if the Cowboys, in the example above, were huge underdogs to win the Super Bowl then it may make sense to hedge because an all out win would appear unlikely. Also, when betting football with a hedge one can choose to win more than the original wager amount, meaning a win is guaranteed, although the maximum possible winnings will be decreased.