I'd do something fairly similarly, but in a sort of emotional hedge. If in a fight I was really rooting for one guy, I'd put a relatively small amount of money on the other. Ok 'my guy' lost, but hey - dinner's free tonight! It's also quite remarkable how often arbitrage opportunities come up where you can put bets on both sides with a guaranteed win. You'd think they'd all get eaten up by bots, but that's not at all the case.