Hey guys, although I've been betting on games for a while, I've never actually hedged a bet, and although I know the basic concept of how to pull it off, the math is a bit shaky for me.
Enter the subject of what I want to hedge: My Cardinals series and WS champ bets. I bet 1 unit on the Cards at +650 to win the WS, and 1.3 Units to win 1 Unit on the Cards/Dodgers series (at -130)
Where do I start, because now I don't think the Cards have a chance. I would think that I would just lay enough money on the Dodgers money line in the next game to cover the 2.3 units that I will lose when the Cardinals screw this up. But I have a feeling that's not actually how hedging works. Anybody seasoned at this that could help me out?
Enter the subject of what I want to hedge: My Cardinals series and WS champ bets. I bet 1 unit on the Cards at +650 to win the WS, and 1.3 Units to win 1 Unit on the Cards/Dodgers series (at -130)
Where do I start, because now I don't think the Cards have a chance. I would think that I would just lay enough money on the Dodgers money line in the next game to cover the 2.3 units that I will lose when the Cardinals screw this up. But I have a feeling that's not actually how hedging works. Anybody seasoned at this that could help me out?