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Phrase(s): hedge one’s bets
Fig. to reduce one’s loss on a bet or on an investment by counterbalancing the loss in some way. • Bob bet Ann that the plane would be late. He usually hedges his bets. This time he called the airline and asked about the plane before he made the bet. • John bought some stock and then bet Mary that the stock would go down in value in one year. He has hedged his bets perfectly. If the stock goes up, he sells it, pays off Mary, and still makes a profit. If it goes down, he reduces his loss by winning the bet he made with Mary.
McGrawhill's American Idioms And Phrasal Verbs