With football season in full swing, learning how to hedge a sports bet can help anyone better maximize their success on game day. Hedging a sports bet is the art of placing multiple bets on the same event to maximize your potential profits.

What can you do to become at hedging sports bets?

Take a look at some of the smartest strategies and techniques you can use to hedge a bet, without emptying your wallet.

Best Practices to Hedge a Bet

In this article, we will use football as the main example for all of our hedging strategies.

Hedging a Bet Due to Updated Information

This is one of the most common types of ways to hedge a bet in your favor, although it won’t always guarantee large profits.

Let’s say you placed a bet on the Patriots beating the Jaguars this weekend. The Pats come in favored by a field goal, and the payout is based on 10/11 odds.

This means that in order for you to win the bet, the Pats have to cover the spread, which will net you $10 on an $11 bet. However, before the game starts you learn that Tom Brady won’t be playing due to an illness. Now your bet doesn’t look so good and with the chance to lose it, you place a $33 bet on Jacksonville to cover, which would help you earn a profit unless the Pats somehow pull off the upset.

This strategy is effective when you are completely up to date on your bets. But, it won’t be much help to you if you don’t plan on paying attention to the news ticker.

Oskeim Sports Picks is one of the best places to find information on all of the biggest sports events you can bet on each week.

Hedging a Parlay

Parlays are extremely popular during football season and can lead to big profits if you make smart selections each week. How can you hedge your bets to earn money on a parlay?

Suppose you pick a six-team parlay and have hit on five of your selections.

The last bet is for Tampa Bay to cover against New Orleans. What can you do to come up with a winning bet either way? Place a bet on the Saints to cover.

Depending on how much you bet you can either turn a profit from winning your parlay or minimize the loss by selecting the Saints.

Hedging an Accidental Bet

Mistakes can happen when placing bets online. You may type in the wrong betting amount and not notice it until it’s too late. Don’t fret because you can still end up breaking even or making a profit on the event.

Simply place a bet of the same value on the other end of the spectrum, and you won’t have to worry about a significant loss of money!

When Will You Use These Techniques?

Now that we have gone over the best ways to hedge a bet, what scenarios will you have in mind when using this technique?

Check out our useful tips section to find other unique ways to improve your sports betting experience.