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Well that one is more straightforward.I also have a $30 bet (+2200) on the UConn men winning it all, which nets $660 if they do. Taking "the field" is +155, so hedging $200 would guarantee a net payout of at least $310 if UConn loses, and $460 ($660-$200 hedge) if they win.
FWIW, DK is offering ~$370 to cash out right now. If I wanted to maximize min payout, upping the hedge bet to $259 would net $401, UConn win or lose.
But I'm pretty sure going with "the field" hedge bets is leaving money on the table.
30 to win 690 (including the original stake) on UConn, and now there's an offer of "the field" at +155 means you can hedge anywhere from zero through 270 (270 at +155 would have a total payout just shy of 690, which would be in for 300 and out for 690 for a total profit of 390).
By the way, you can see here how hedging yourself is cheaper than the cashout. A straightforward DIY hedge gives you a profit of 390, whereas the cashout profit is only 340 (370 - 30). Never cash out.
But yes, you could believe that UConn is going to get it done and ride it out, or hedge less. All are options.
Note that any non-boosted bet is nominally -EV, so hedging always costs you some EV, though of course it decreases the variance. That's a choice for the bettor.