re: Would you hedge this bet

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Let it ride, you always lose value in the long term when you hedge. You only hedge future bets with + ML, which isn't the case here.

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I hedge all the time. A standard play of mine is the 4-team ML parlay where my 4th game is later on in the day (late enough to be sure that the first 3 games will be finished).

So, basically it's just a 3 game ML parlay. The 4th game is just a throwaway game. Basically it's the late game that has the biggest odds. So after the first three legs of my parlay hit, I toss a small bet (it varies based on how big the odds are, of course) on the opposite team that I have in my 4th leg.

So if I take Tennessee, LSU, UGA, and UF in the ML parlay. With UF being my night game and probably playing a lesser team, say, Troy. If and when LSU, UGA, and Tennessee win, I put a little something straight up on Troy.

This is the only play I do where I'll put in a hedge, but I do it as a matter of course. I especially like it in college hoops. Tennis too. I had a 25 hedge on Andy Roddick against Federer a couple months ago and it hit after that scrub Andy Roddick somehow beat Federer in a tennis match. The odds were so big that I made twice as much with the hedge hitting as I would have off the parlay itself (25 is my bookie's minimum, so this can happen). But the Roddick example was of course just pure luck.