hedge your bets

hedge (one's) bets

To take an action in order to offset a potential future loss. I'm not too confident that I'll get the lead in the play, so I'm hedging my bets by trying out for several roles.
See also: bet, hedge

hedge your bets

COMMON If you hedge your bets, you are careful not to commit yourself to one thing, so that you do not make a mistake whichever way the situation develops. The Rev James Reeves is hedging his bets on whether Clark is the leader the Church needs in troubled times. Political forecasters are hedging their bets about the likely outcome of this Saturday's Louisiana governor's race. Note: When bookmakers accept a large bet, they often try to protect themselves against heavy losses by laying bets with other bookmakers. This practice is called `hedging'.
See also: bet, hedge

hedge your bets

try to minimize the risk of being wrong or incurring loss by pursuing two courses of action at the same time.
Hedging your financial liabilities, especially bets or speculative investments, meant limiting your potential losses by also putting money on another outcome, in such a way as to balance, more or less, any potential loss on the initial transaction. In betting terms, this specifically means putting money on more than one runner in a race.
1992 Great Lakes Fisherman All three methods have their proponents, and most anglers are wise to hedge their bets by using more than one method.
See also: bet, hedge

ˌhedge your ˈbets

(informal) try to reduce the risk of losing your money, being wrong about something, etc. by choosing two or more courses of action at the same time: She’s invested her money in two quite different businesses, so she’s hedging her bets.
This idiom refers to putting money on more than one horse in a race to increase your chances of winning money.
See also: bet, hedge
References in periodicals archive ?
Hedge your bets Give your hedges a good trim while they are at their peak.
But as for picking a winner, it might be easier to hedge your bets on a lucky dip on the Lottery at your local newsagent
You can hedge your bets on a couple of selections to increase your chances of winning or split your prize into a maximum of five bets.
One, the process of picking hit films is much like playing craps - you can hedge your bets, but no one knows for sure what will happen when a movie opens.
If you want to hedge your bets a bit, tack on an April 30.
Or hedge your bets with a pounds 2 stake on him to win and use your free pounds 2 bet to back a well-fancied filly.
No one has turned their pounds 25 free Lad brokes bet into hard cash but now you can hedge your bets.
And then hedge your bets by putting your free pounds 1 on him to finish the job in the twelfth round at 33-1.
Alternatively, you could hedge your bets by opting for a "Place Only" bet and if your ball comes out in first, second or third position, you win.