My Week on WallStreet.com January 15 - 21 by Brenn Jones Last week's article. Jones' Archive. To hedge or not to hedge: that is the question. The Patriots victory on Saturday night put me at the doorstep to a $15,000 payday on a $75 200-1 Patriots AFC Champion bet, placed in late October when the Pats were 3-3. Now I must decide whether or not to put a large wager on the Steelers that would ensure a profit on the bet but would take the edge off the possible 15 grand. I was in such shock from the Patriots win that on Sunday I got giddy with my V-Chips and blew a huge, horrible wad on the Ravens (+6 points) and the Pack (+11.5). These losses exposed the compulsive element of my gambling, forcing me to face some tough questions about my future on wallstreet.com. Nothing will sober you up like losing a bundle in a hurry. Here's the thing: if the Pats beat Pittsburgh next weekend, then like a safecracker, I will have finessed the odds for a nice stack of cash. With 15 grand I can buy a $6,000 Plasma TV, cover the $2 grand in losses I've accrued, shelve away another 6 grand for savings and/or taxes, and place bets with the remaining thousand. And if the Pats lose, as expected? Then this has been a fun but rather self-destructive hobby-turned-compulsion heading to addiction, that has cost me $2 grand and change, unless of course the New Jersey Nets should conquer 30-1 odds to win the NBA Title. There is a middle-road, highly recommended by several friends of mine, and that is to bet heavily on Pittsburgh (-$400) next weekend. Say I hedge with a mammoth 8 grand bet on the Steelers. If Pittsburgh wins, I profit $2,000 minus the $75 wagered on the Pats = $1,925. And if the Pats win? Then I profit $15,000 minus the $8,000 on the Steelers = $7,000. I could still get the TV with a Pats victory, but $7 grand doesn't quite have the same bite as $15 grand, does it? Brenn Jones is a freelance writer. His sports book reviews can be found on Barnes and Noble's website Article first appeared on 1/14/02