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 man told ESPN the following when explaining his decision not to hedge:
Way - Say - Texas - Tech - Beats
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.