lets say you have 3 team parlay and two have won. you have 3rd team to win and win your parlay. bet some money on the other team you have on your 3rd team in your parlay and look at the results. 3rd team wins and u win your parlay minus what you put against the 3rd team. 3rd team loses and you would possibly be up money depending on how much you put on the other team. that is a hedge.