hedge one's bets

Meanings:

• 1.

  English-speaking worldspecializedgambling
  • To place bets with a third party or in opposing ways so as to offset potential losses on an initial wager.

• 2.

  English-speaking worldidiomaticinformalneutral
  • To reduce the risk of making a mistake by keeping one's options open or taking precautions that protect against adverse outcomes.