Where Can I Hedge Bets? FanDuel, DraftKings & More

Hedge betting is a popular strategy among sports bettors, allowing them to either lock in profits or minimize losses. By placing a second bet (on the opposite outcome to your initial wager), you can reduce the risk associated with unpredictable outcomes and traditional gambling.

This guide will show you how and where you can hedge bets as well as introducing you to some tools to help take your hedge betting game to the next level.

Contents

1. What is Hedge Betting?
2. Where Can I Hedge Bets?
3. Which Sportsbooks Can I Hedge Bet At?
4. Tips for Effective Hedging Across Sportsbooks
5. Which Tools Can Help Me Hedge Bets?
6. How to Get Started Hedge Betting

1. What is Hedge Betting?

Hedging a bet involves placing a secondary wager that opposes your original bet. The goal is to minimize and potential losses or guarantee some level of profit, regardless of the outcome of the game. It's a strategy used by both seasoned and casual bettors who want to manage their exposure to risk.

For example, if you’ve placed a bet on the Kansas City Chiefs to win a game, but you start to feel unsure about the outcome, in its simplest form you can hedge by placing a bet on their opponent. This way, reduce the financial risk of your original bet losing.

2. Where Can I Hedge Bets?

Unlike in the UK where hedge bets (also known as “lay bets”) are placed at an online betting exchange, on this side of the Atlantic we use sportsbooks. Let’s keep things as simple as possible. So when you place an initial bet at FanDuel, for example, you can then hedge that at a different sportsbook such as DraftKings.

Online sportsbooks offer different odds, promotions and additional features that make hedging bets a viable and profitable strategy. By signing up for multiple sportsbooks, you can compare odds and take advantage of offers that reduce the cost of hedging.

And you don’t even have to do this on your own. You could use a dedicated hedge betting platform to do the hard work for you, making it even easier to hedge bets! The right platform can show you how to guarantee profits from hedge bets through proven hedging processes like matched betting.

3. Which Sportsbooks Can I Hedge Bet At?

Before you can hedge bet, you need to check that sports betting is legal in your state. If it is, you next need to identify a sportsbook that is live in your state.

Here are some of the most popular sportsbooks you can hedge bets at across the US (state dependent).

1. FanDuel Hedge Bets

FanDuel is a leading name in the U.S. sports betting scene, known for its competitive odds and user-friendly mobile app. This platform is perfect for live betting, which is key when you want to hedge a bet after a game has already started.

2. DraftKings Hedge Bets

DraftKings is another popular sportsbook which can be used to hedge bets as it offers a wide range of sports and betting options. Plus, their frequent promotions can give you more leverage when hedging.

3. BetMGM Hedge Bets

BetMGM is a top-tier sportsbook known for its extensive promotions and user-friendly interface. It’s a great option for bettors looking to hedge bets because of the multiple offers that reduce risk.

4. Caesars Hedge Bets

Another household name in sports betting, Caesars Sportsbook is known for its generous promotions, particularly tailored to major events and large markets.

5. Fanatics Hedge Bets

Fanatics Sportsbook is ideal for more strategic bettors looking to hedge with creative betting options.

4. Tips for Effective Hedging Across Sportsbooks

When it comes to hedge betting, there are a few things to look out for to maximize your gains or minimize your losses. Here are some tips for effective hedging across sportsbooks:

• Use Free Bets and Other Promos: Many sportsbooks offer sign-up bonuses like free bets and ongoing promotions that you can hedge risk-free, using the matched betting process.
• Compare Odds: Always check multiple sportsbooks for the best odds on both sides of the bet. This will ensure you get the best possible return on your hedge.
• Use Calculators: No one expects you to have all the answers, so use a hedge calculator or arbitrage calculator to work out wager amounts, odds, etc.

On the subject of calculators, there are  two even more powerful tools out there that can help you with your hedge betting strategy. So what are they and where can you find them?

5. Which Tools Can Help Me Hedge Bets?

Because hedge betting has a lot to do with finding the best odds at the right time and knowing how much to wager, it can be tricky to do manually. Which is where hedging tools come in.

Take your hedge betting strategy to the next level by utilizing a range of powerful tools to do some of the heavy lifting for you. Let’s look at some tools now which do everything from helping you compare hedging opportunities to finding, sorting and presenting them in just seconds.

Dutch Matcher

A more advanced (but equally simple to use) piece of software for maximizing hedge bets is the Dutch Matcher.

The Dutch Matcher instantly scans all upcoming sporting events in your states, ranks them from most to least profitable and tells you exactly how to place and hedge them to guarantee a profit, regardless of the event's outcome.

Dutch Matcher Calculator

Working hand-in-hand with the Dutch Matcher, the Dutch Matcher Calculator calculates the exact figure you must hedge your bet by to guarantee a profit regardless of a sporting event's outcome.

6. How to Get Started Hedge Betting

Signing up to dozens of sportsbooks, tirelessly searching for hedging opportunities and spending hours calculating odds yourself is a no-no. You'll not only risk wasting your time, but you could also end up risking your money too!

That's why it’s essential to find an experienced, reputable platform that does the hard work for you. At ProfitDuel we're experts in hedge betting. And more specifically than that we have over 15+ years of experience helping 500,000+ members across the U.S. and Europe earn $1,000s in risk free monthly profits matched betting.

Our platform is designed to help you navigate the world of matched betting with ease, providing you with the tools and support needed to turn promotions into real money. 

So why not give matched betting a go for yourself with 7 days of ProfitDuel Premium for just $1? Unlock all of the software, strategies and one-to-one support you need to start earning.