I'll start off. The rule on hedging is you don't do it if you don't have a bankroll-liquidity concern. Same can go for utility, where, perhaps, you don't need the money, but you'd just feel so much better cashing something at this point (I don't like this, but it can be real). Think about it -- you may or may not have had an edge with your intitial bet when it was made, but you absolutely have one now, and being in positive EV situations is what you're trying to accomplish. From a strict mathematical perspective, taking any negative-expectation play, even with hedging in mind, is not optimal. However, if you find a play that's also positive and happens to hedge the future (say the experts on this board really like the Colts ML), then you're getting it all. This was one of the most valuable gambling concepts drummed into me at the start of my career. I'll leave it to the guys who might be able to find you that positive hedge to take it from here.
