Hedging bets is something that is talked about more than it is understood. It's also a concept that can be very dangerous because it can easily be used. Here is a look at how the hedging technique can be used to manage risk when betting on sports, with advice on when and how to hedge your wagers. The term "hedge your bets" is well-known phrase. It has been around in English since at least the 16th century, when it referred to laying off a bet by placing a.