If you're ever looking to guarantee yourself a profit by hedging out of a bet, the Hedging Calculator will help you optimize the process.
You can find the Betting Calculators on the top bar of the home page or if you scroll down and check the right side of the home page.
To start, enter in the odds of your existing bet, as well as how much you originally wagered. In the example below, pretend that you put $10 on the Rockies to win the World Series at +5000.
You'd collect $510 (your original $10 risked, plus $500 in winnings) if they won. However, let's say they are in Game 7 of the World Series against the Yankees and you're afraid they'll lose, rendering your longshot bet useless.
All you have to do is enter in the other team's odds in the 'Hedge Odds' box and the amount you should hedge will be calculated. Do not enter anything in the 'Hedge Amount' box.
In this case, if the Yankees were +100 in Game 7, a $255 bet on them would essentially split the difference.
- Return if Rockies win: $10 original bet + $500 original winnings - $255 hedge risk = $245
- Return if Yankees win: $255 hedge winnings -$10 original bet = $245
Of course, you can hedge more or less depending on how you feel about the situation. In this scenario, you could bet $110 on the Yankees and still guarantee yourself at least a $100 profit.