If you're looking for synonyms for the phrase "hedges bets," there are actually quite a few options to choose from. Depending on the context and tone of the sentence, you might consider phrases like "cover your bases," "play both sides," "cover all angles," or "diversify your strategy." Other similar phrases include "spread your risk," "be prepared for either outcome," "take a middle ground," or "keep your options open." Whether you're talking about betting on sports, investing in the stock market, or making a strategic decision in your personal or professional life, these phrases can help you convey the idea of being cautious, thoughtful, and strategic in your approach.