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Some
casino table game players relish opportunities to hedge. That is,
to make opposing secondary wagers which -- for a price -- eliminate
or reduce risks associated with their primary bets.
Arguably, the
most common casino hedge is money on Any Craps to protect the Pass
Line during the come-out roll at a dice table. Any Craps pays 7-to-1
if the dice show a two, three, or 12; it loses otherwise. Pass loses
on the same numbers, wins on a seven or 11, and moves to the second
stage and awaits a decision on the point for anything else. Assume
you "protect" $10 on the Pass Line with $2 Any Craps. The good news
is that a two, three, or 12 coming-out yields $4 profit rather than
$10 loss. The bad news is that a seven or 11 coming-out yields $8
rather than $10 profit, and any other come-out result sacrifices
$2 immediately so decisions on the point are ultimately debited
by this amount.
Other craps
hedges are legion. Some are baroque. For instance, solid citizens
may make equal flat wagers on Pass and Don't Pass, then bet the
Odds on one or the other side. The theory is to cut the chance of
losing on the come-out to one in 36, then risk only the Odds --
where the house has no edge. Another example would be to bet $12
Don't Pass, then place points of six and eight for $12 and other
numbers for $10. Now, six and eight break even or gain $2, five
and nine always win $2, and four and 10 earn $2 or $6.
Typical roulette
hedges offset small bets on multiple individual numbers with bigger
bucks on an opposing outside proposition. An illustration might
be $1 each on 15 high numbers and $20 on Low. In a single-zero game,
this offers 18 ways to net $5 (on a low number), 15 ways to net
$1 (on one of the selected high numbers), and four ways to lose
$35 (on zero or an uncovered high number).
Blackjack buffs
often hedge when they receive naturals and the dealer gets ace-up.Taking
insurance guarantees winning 1-to-1, rather than chancing a push
against a 1.5-to-1 payoff.
Hedging may
or may not pay in any given situation, but particular post-facto
results aren't the criteria by which to
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