To hedge or not to hedge: 300 to 1 bet on Loyola could pay $45K

A Loyola fan who picked the Ramblers to win it all is two wins away from cashing in for $45,000. With the huge payout so close, yet still so far away, would you let it all ride on Sister Jean and the Ramblers or hedge and try to walk away with at least some winnings?

According to an article from CBS Sports, William Hill US, Nevada’s biggest sports book, took just 32 bets on Loyola to win the title heading into the tournament. A $150 bet at 300 to 1, that the bettor probably thought he’d never see again, is still alive with only four teams left. With $45,000 hanging in the balance and the internet buzzing, there’s a lot more riding on two games for one fan. So what would you do?

What is there to consider? What are your options? What does it take to push you one way or another?

In a situation like this, you’ve really gotta know when to hold em, when to fold em, when to walk away, and when to run.

Typically, I’m of the mindset that says you don’t hedge. Ride or die. Dance with the one that brung ya.

That said, I’ve never ridden or danced with anything close to $45,000.

It’s not the Powerball or a Floyd Mayweather bet, but it’s a pretty serious number and it’s probably two or three figures more than 99.99 percent of Americans have ever stood to win in a bet. When we’re talking about a substantial down payment on a house, a new Benz C-Class or an Audi A6, or five to ten dream vacations, we’re playing with a different set of rules.

So here is an exploration of the options….