You have a bet (or a parlay down to its last leg) and want to lock in profit. Enter it and the price on the other side to see how much to hedge.
For a parlay, enter the whole parlay's odds and stake as the original bet, and the price against the last leg as the hedge.
Say you bet $20 on a parlay at +600 and only the last leg is left. It pays $140 back if it hits. The other side of that last leg is -150. Bet $84 on it and you get $140 back either way: +$36 no matter what.
Hedging gives up some of the upside for certainty. If the hedge price has the usual cut in it, you're paying that cut for the insurance, so hedge when the guaranteed amount matters more to you than the bigger payout.
More calculators: Arbitrage · Parlay · Odds converter · No-vig · Hedge
To lock in the same profit either way, bet the original's full payout divided by the hedge's decimal odds. To only protect your stake, bet your stake divided by the hedge's decimal odds minus 1.
Yes. When one leg is left, bet against that leg at another book (or the same one). Use the parlay's total odds and stake as the original bet.
It costs expected value, because the hedge has the book's cut built in. It's worth it when locking in a sure amount matters more to you than the chance at the full payout.