A man who would have raked in $300,000 if Texas Tech won the college basketball national title didn’t hedge the bet.
The unidentified bettor purchased a ticket on Tech to win the title months ago for the price of $1,500. He would have won $300,000 if the Red Raiders had beaten Virginia this past Monday. That didn’t happen, but more shockingly, the person didn’t even hedge, according to ESPN. (RELATED: Virginia Wins The National Title After Beating Texas Tech)
The unidentified man told ESPN the following when explaining his decision not to hedge:
The way I think about it is, if I hedged, they probably wouldn’t have won. Say Texas Tech beats Michigan State but Jarrett Culver gets hurt. Then all of your assumptions about Texas Tech and how much you should hedge now and in the final game goes out the window. It’s much nicer to take the fixed amount and not have the hassle of thinking about anything else. People make hedging sound easier than it is, both in having money lying around [and how to] bet on this stuff. You can easily make a mistake, and then it might not pan out the way you think it might.
My man, what are you doing? Hedging is not that difficult. All he had to do was throw down $25,000 on Virginia and everything would have been fine. He wouldn’t have gotten the $300,000 after the Cavaliers won, but he would have still made some money and got his initial $1,500 back.
I’m legit stunned right now. If you have $300,000 riding on Texas Tech to win, then you get on the phone to whomever you have to in order to pool some money together to hedge.
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I can’t believe this was so difficult. If you don’t want to hedge, then don’t hedge. That’s fine, but let’s not pretend like it’s difficult.
It’s not difficult at all. I don’t know what this guy was thinking, but it doesn’t sound like he knows what he’s really doing.
If I was in his shoes, I would have been on the phone to hedge the hell out the Texas Tech wager. Unreal.
