Definition & Meaning of "[hedge] {one's} bets"

What is the origin of the idiom "hedge one's bets" and when to use it?

The idiom "hedge one's bets" has its origins in the world of gambling, specifically in betting on horse races. It refers to the practice of placing multiple bets on different horses in a race to increase the chances of winning and reduce potential losses. The idea is that if one bet fails, the other bets may still pay off. The term "hedge" in this context suggests the use of a hedge to mark the boundary of the betting area at a racetrack. In contemporary usage, the phrase is used more broadly to indicate that someone is taking precautionary measures or diversifying their options to minimize risk or uncertainty, especially when facing an uncertain outcome.