How can I hedge out of this Heat ticket?

yanks11pm · Oct 6, 2020

Before the bubble started I took the Heat at 35/1 odds for $100 to win the NBA Championship. After game 1 I knew they had little to no shot at winning and then going down 0-2 basically confirmed it. After they won game 3 I figured there has to be a way to hedge out of this for a few hundred bucks.

Current bet: Risk $100 win $3500 Heat win it all

Series Price: (not offered at my book because the line is too high)

Lakers win series 4-1 (-140)
Lakers win series 4-2 (+225)
Lakers win series 4-3 (+600)

Tonight's Lakers ML (-340)

What should I do to hedge out of this and come away with something?

knickfan · Oct 6, 2020

Heat spread tonight like 3-5*.... keeps your upside alive while giving you a 7pt “hedge” if they lose but cover. If win outright you double dip. If they get smoked you lose of course.... seems like the series juice and other options on your book are poor hedged though.... I assume making 1-3* isn’t your goal

Mosi · Oct 6, 2020

There is no viable hedge opportunity at this point. You lost any opportunity at all once the Series started and the Lakers won Game 1. Had the Hest won Game 1 you would have had an opportunity. Your only hope is the Heat win tonight and make it 2-2. Just ride out the $100 and hope for a miracle. They do happen in sports.

How can I hedge out of this Heat ticket?

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