A bet that predicts the situation of a match (e.g. Soccer match) at both half-time and full-time. In order to win the bet, both predictions must be correct. E.g. Draw – Everton is a selection for the match to be tied at half time, but for Everton to win the game. These bets do not include extra-time where relevant.
To hedge is to make a combination of bets such that, if one bet loses, another wins minimising your loss, or locking in a profit. For example, if you have a bet at 10.0 that Chelsea will win the FA Cup and they shorten to 3.0, you might “hedge your bet” by betting against Chelsea to ensure that you are covered should they win or lose.