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Hedging

Posted By: Bill Riles
Date: Monday, 20 April 2009, at 5:00 p.m.

In Response To: Hedging (Jason Lee)

I agree hedging is strictly one's option and one shouldn't be judged regardless of hedging decisions. I am not opposed to hedging but I pick my hedges carefully.

Each of the two finals I was in -- $100 Jackpot and Seniors -- only paid two places. This was particularly brutal, as an example, to the losing semifinalists in the Seniors -- 128 bracket, six straight wins, zero dollars.

In my $100 Jackpot final I made a small hedge with Tom Wheeler -- a fellow Texan (Dallas). We're good friends and he suggested hedging a bit before the match since Howard pays 70-30 in two payout tourney. So, we hedged a couple of hundred bucks (changing it to about 60-40). We considered a further hedge at DMP but did not do it. I had hedged the $100 entry fee with Lee Genud at DMP in the semifinals.

A real representative example of the effects of hedging occurred in the Seniors tourney. Again, a 70-30 split to two places -- in a 128 bracket. My semifinal opponent was an Intermediate player and I chose prior to the match not to hedge -- it was never discussed at the table. Alan Grunwald and Stefan Nuniyants, two strong Championship level players, played in the other semifinal and agreed, prior to the match, to split the second place money. Alan and I played in the final and agreed to a hedge of about 15% -- providing about a 55-45 split. Though Alan won a close match I left with more money from the Seniors tourney -- Bill 45%, Alan 40%, and Stefan 15%. But he got the trophy, the title, and the bragging rights.

Anyway, we all play for various and multiple reasons. I spend a lot of money in entries and expenses to play in ABT tourneys. I look to maximize my winnings. I felt it in my interest to hedge in the two finals. I did not feel the same in the Seniors semifinal. I felt badly for my opponent due to the structure of the payout, not due to my decision not to hedge.

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