Here's my situation. After the Celtics closed out the Bucks in the first round I checked the odds for them to win the Eastern Conference. Bovada was offering +2000 for the Celtics to win the ECF. I was initially going to put $100 on them to win the East, but I ended up only betting $50. So if the Celtics win Sunday, I will win $1,000, but if they lose I get nothing.

Normally, I'm not a guy that hedges or buys insurance from a casino, but in this case, I think it might be worth it. Not that $1,000 is going to change my life or losing $50 is going to hurt me, but I've been wrongfully assuring myself that I have already won the bet, so in that sense it would hurt to have nothing after it's all said and done.

What would you do? Would you bet $500 on the Cavs on the ML or just stand pat? Or would you place some other insurance type bet, like taking the Cavs +2 (-110) and potentially winning both bets?

nobody knows your financial situation and what the money would mean to you. if its that big of deal put cavs ml to win 100 or something so you can't lose but you still win big if c's hold home court. 500 on cavs ml is way too big of a hedge though, given that cavs are +119 unless you feel like rooting for the cavs.

If you were going to hedge, why not hedge before game 6?

Because, the Celtics could've won the series in Game 6 and if they lost, which they did, then they still had a chance in Game 7. At that point I felt I needed insurance.

I ended up betting $600 on the Cavs (-110), so I ended up netting $450, which is better than -$50.