Yesterday was an 0-fer day for me. Fortunately, I had hedged my bets and it prevented the utter disaster that an 0-fer can bring. Which brings me to my question:
Do you hedge your bets, and is this necessarily smart? How much do you hedge your bets?
Yesterday, I had two bets in on college basketball, both lost. I bet on Baylor +3 and TCU -9. So I took a third game, parlayed Texas, OK State, and the third game, in this case LSU and Miss State (used both sides and had 2 different 3 game parlays). I hedged half my total bet. So, for example it would look like this:
BU $100
TCU $100
Parlay 1 (OSU, UT, MSU) 16.67 (pays 6:1 to win $100)
Parlay 2 (OSU, UT, LSU) 16.67 (pays 6:1 to win $100)
Last night it mitigated my losses. Do you think this is smart? Is there a better way to do this?
Thank you all for your input.