AL Central futures/hedging help please

[patswin]

Guys I have a few wagers pending on the outcome of the AL central division
Here is what i have

Chicago +1066 300/3200
Cleveland +450 300/1350

I have these thru a local. He is now offering Tigers at -125, white sox +250 and clev +250. Can I get some advice on how to best protect myself from the obvious outcome of detroit waking up and winning the division? I have lost lots to this guy since i found him last year so I want max my win out as much as possible to recoup some of my losses. I am still smarting from losing my spurs 8-1 win the western conf. wager that I did not hedge once they went up 2-0. I made these bets win the sole intention of trying to lock up a profit. I know I can wait and hope the tigers continue to struggle then try to lock them up at plus money but if they get hot and the white sox cool off the juice will only start to rise. Limits are 500 right now so that is the most I can put on the tigers if hedging now is the best advice.

[Beyond the Bets]

If you're wanting to limit your exposure, then sure, bet the Tigers $500 to win $375. If they win the division, you lose $225. If not, then you win either $850 (Indians) or $2,700 (White Sox).

[KnicksFan1221]

Or bet 750 to win 600 on the Tigers. If they win you break even, otherwise you make 600 or make 2,450 respectively. But it depends if at worst your trying to break even or risk some profit to lose money.

[KnicksFan1221]

Sorry didn't see the limits. BTB is right.

[ChiefZilla]

Yeah the only way to go here if you're looking to hedge, with those limits, is to bet $500 on the Tigers.

[patswin]

thanks for the advice guys, i should clarify i can bet to win $500 on tigers so I can do $625/$500 on them. With the tigers home to colorado and the white sox at the dodgers this weekend i anticpate they will make up some ground which might push up the price on the tigers. Just not sure if I should wait a bit longer or not. ideally I would like to be able to get the tigers at a plus price to maximize the return but I risk having them start playing better and the juice gets higher.
The market closes at 7 tonight on this and generally reopens again on Monday

[RyanParrill]

(06-14-2012 12:07 PM)patswin Wrote:  thanks for the advice guys, i should clarify i can bet to win $500 on tigers so I can do $625/$500 on them. With the tigers home to colorado and the white sox at the dodgers this weekend i anticpate they will make up some ground which might push up the price on the tigers. Just not sure if I should wait a bit longer or not. ideally I would like to be able to get the tigers at a plus price to maximize the return but I risk having them start playing better and the juice gets higher.
The market closes at 7 tonight on this and generally reopens again on Monday

Better act fast, less than 2 hours to capitalize...