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Some factors that are not being discussed:

1. Taxes     If he wins the contest he is still required to pay Uncle Sam his share.  With this being factored the amoun7 comes down from the $12,500 that is being tossed around here.

2. He would have to lay juice on the wager... probably 10 cent juice meaning if he wagered $12,500 at a casino he would not get $12,500 back

3. If he didn't have the money to put up...how the hell could he expect to live on nothing until the check came for the contest win? It could take months for him to get that check

The bottom line is most of the people here don't see all of details of things. When you make a decision its important to know all the details and implications of your decision.

Personally I think the guy made the right decision based on the things I mentioned above. Yes he could have made profit...but only he knows all the details evolving his life...things are not always 1-2-3

There's a law saying he had to hedge exactly 50%? No? So why is the only discussion about not having $12K to hedge?

Not sure about everyone else here, but I'd be making damn sure I get at least a couple grand out of the deal.

Throw $2-3 Gs on FLA St, +5 or +5.5 and eat the juice with the possibility of middling out and winning both