Meaning of the word "hedge your bets" in English

What does "hedge your bets" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

hedge your bets

US /hɛdʒ yʊər bɛts/
UK /hɛdʒ yɔː bɛts/
"hedge your bets" picture

Idiom

to reduce your risk of loss by trying to ensure that you will benefit whatever happens

Example:
It's always wise to hedge your bets when investing in volatile markets.
She decided to apply to several universities to hedge her bets.