Sports gambling is becoming more popular each day. With fantasy sports sites like FanDuel and DraftKings generating millions of dollars in wagers each week, it seems that sports wagering fever is spreading. For one lucky fellow, Monday night was the things dreams are made of – until the dream turned into a nightmare.
Redskins crush dream parlay
For one gambler, watching Monday night’s game between the Chicago Bears and Washington Redskins must have had his heart pounding and placed him on the edge of his seat. Well, for the first half anyway.
All this person needed was for the Washington Redskins to beat the Chicago Bears and they would have turned an 89-cent wager into a nest egg for retirement. Unfortunately for the gambler, it was not to be.
Guy makes an .89 cent 20-team parlay bet for half a million. Tonight’s game is going to sink him. Could you imagine? pic.twitter.com/cpYLREcMxp
— Christopher Salas (@KSBWChristopher) September 24, 2019
The gambling slip, shown above, reveals the 20-team parlay for 89 cents. For those people who like to wager on sports, you know that hitting a 20-team parlay is so farfetched it is nearly impossible. It is probably on the same lines as the odds of winning the lottery. Just the fact that they won 19 in a row is incredible!
However, when it all came down to the Redskins game, the gambler who placed the wager made one key mistake.
Hedge that wager!
When you have a massive bet come down to one final team, you have to hit the pause button in your brain and ask yourself – how can I make sure I profit.
The person who made this bet had the whole world in front of them, and they dropped the ball.
It is called hedge betting. All they had to do was bet big on the Bears and it’s an instant profit. Here’s why. The initial wager was 89 cents. Not a big loss if it loses, right? But the winnings were almost $500,000. That is a big amount to daydream about.
The risk-taker who made this play, if possible, should have bet $100,000 on Chicago. It’s a no-lose risk! If the Bears win, you profit $100,000 – minus your 89 cents, of course. If the Redskins win, you profit $400,000. Either way, you win and you win big.
Winning the first 19 games had to be an emotional roller coaster for this gambler. Losing it all on No. 20 had to be even worse.
The only thing that is for sure is this person will never sing the Hail to the Redskins fight song.