an instance of risking money by saying what you think will happen during an event, race, competition, or game of chance etc. If you are right then you win more money, but if you are wrong then you lose the money that you bet.
He had eight bets where he backed horses to win and another where he laid a horse to lose.
if you hedge your bets then you try to protect yourself against the possible losses or negative consequences of a bet, an investment, or a decision
Dealers on the foreign exchange markets were also hedging their bets.