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BGonline.org Forums
Hedging
Posted By: Coolrey In Response To: Hedging (David)
Date: Tuesday, 21 April 2009, at 3:20 a.m.
David: 2) Requesting odds in a hedge is fine, but all you professionals out there should remember to be reasonable. Asking for unreasonable odds may result in you looking like a jerk.
RAY: A good point. However, nobody ever seems to realize that by asking for an even hedge, as a clear underdog... The underdog is being the jerk.
At least it never seems to be perceived that way. I, for one, get tired of asking for odds because of the phenomena that you state here... (ie: people think I am being a jerk) So, now I tend to just refuse. Is that better?
The underdog's desire to hedge is directly proportional to his fear of losing. If you are afraid you are going to lose, there is probably good reason for that fear. Offer some odds. That is the only REASONABLE solution. Asking for even money when you are the dog, is basically panhandling. Here is why:
It's hard to determine how much of a favorite I am when someone asks me to hedge even, and hardly anyone ever offers me odds for example.
But lets say I am only 11-10 favorite against Joe Bozo. We hedge $100. I will lose $100 in every 21 trials, or about $5 on every $100 worth of hedges. So, that would be $20 on a $400 hedge. Panhandlers ask for less, and I treat them with disdain, don't you? I didn't go to school and get a degree and work 56 hours a week now to support some guy with a cardboard sign who would rather drink beer than work, though he is obviously capable. I didn't study this game for 30 years to throw away equity because I am afraid to PLAY either. I don't need insurance because I am going to win most of the time, and I have a job. It should not be taken as an insult by you if I decline to hedge based on the fact that I consider myself the favorite in our match. So do you, or you would not be asking me to hedge, probably.
Nobody asked Al Faller to hedge in Pittsburgh, even though I did hedge $100 with him... When he asked me... Just to be nice!
However, I am not required to be nice to panhandlers. It is a matter of showing respect. You read my FREE articles, you may have borrowed my book, you ask my opinion at the tournament... and maybe even go to dinner, on me, when I win a masters event. Don't come up bumming money with an even money hedge request. You know who is the favorite... So offer some odds.
The only one being unreasonable in such a situation is the underdog asking for an even hedge. I should be NICE to this guy who just insulted me? I don't think so. Sorry.
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