When it comes to making a choice, no one wants to make the wrong one. It’s natural to be cautious and want to protect yourself against potential losses. But is that even possible?
The phrase “hedge your bets” refers to putting a safeguard in place when you’re unsure of an outcome. Being prepared for all eventualities by considering alternatives means you can minimize the impact of uncertainty on a decision you make.
In this blog post, we'll explore the concept of hedge bets, how they are used to help minimize risk and maximize profits and how they work in the context of matched betting.
Contents
- What is a hedge bet?
- How does hedge betting work in matched betting?
- Things to avoid when hedge betting
- Add hedge betting to your matched betting strategy
1. What is a Hedge Bet?
Hedge betting, also known as hedging, is a strategy used by both sports bettors and investors. The idea is to cover different outcomes to reduce risk and improve your chances of making a profit.
It is also found in the world of traditional gambling and matched betting. Hedge betting is a key strategy where a second wager is placed against the original bet when there is uncertainty around the likelihood of it being a win.
Here’s a quick example of a simple hedge bet: The Kansas City Chiefs are set to take on the Miami Dolphins in the latest NFL draw. You place a bet on the Chiefs at one online sportsbook. This is your 'back bet'. Then, you can then place your 'hedge bet' on the Dolphins at another sportsbook or betting exchange to cover all outcomes of the game.
2. How Does Hedge Betting Work in Matched Betting?
In matched betting, hedge betting can be used to unlock sportsbook promotional free bets and bonus offers, without risking your own money. Here's how in 5 simple steps:
- Sign up to an online sportsbook which is offering a free bet promo to new customers
- Place your first bet. This is a back bet and will unlock the promo offer. It is also called a qualifying bet.
- Place a hedge bet on the opposing team to cover all outcomes.
- Repeat steps 2 and 3 but this time, use the free bet you have just unlocked instead of your own money.
- Withdraw your guaranteed profits once the event has concluded.
Please note that hedge betting doesn't just work on any bets or events. Betting odds have to be aligned to be profitable using this process. This is why matched betting tools such as the Dutch Matcher are so crucial, as they automate the process and save you both time and money.
3. Things to Avoid When Hedge Betting
While hedge bets can be a valuable tool in matched betting, there are some common pitfalls that you should be aware of. In this section, we'll discuss the mistakes to avoid when using hedge bets.
- Getting your sportsbook account limited. This is a possibility if your betting activity doesn’t match the expected behavior and patterns of a regular sports bettor. Check out this article for more information and some tips to avoid having your sportsbook account limited.
- Not checking up on odds. Betting odds can change frequently and rapidly. So what is a profitable hedge bet one minute, may not be the next. It is so important to make sure you're up to date with odds before placing and confirming your bets.
- Finding and calculating bets manually. Looking for hedge betting opportunities can be time-consuming and it’s easy to miscalculate wager amounts. Therefore, it makes sense to avoid this by using tools such as the Dutch Matcher, which finds profitable hedging opportunities and calculates ideal stakes to ensure you don't lose out on profits.
4. Add Hedge Betting to your Matched Betting strategy
Hedge bets are an essential part of any solid matched betting strategy, as they offer a way to minimize risk and maximize profits. By understanding how hedge bets work, implementing effective strategies, and avoiding common mistakes, you too can use this powerful tool to make consistent profits.
Speaking of ‘powerful tools’, it is so important to use the best ones for the job. Accurate software and specialized tools can help you minimize risk and maximize profits when hedging bets in matched betting.
Take the next step: Start your free trial with ProfitDuel
As a dedicated matched betting service, ProfitDuel offers a range of tools to help with this, such as the Dutch Matcher mentioned in this article. Start your free trial to try the tools for yourself and start making guaranteed cash today.
