The phrase "hedge bets" means to take a cautious approach when making decisions or taking risks, usually by putting money on multiple outcomes to reduce potential losses. Synonyms for this phrase include "play it safe," "be cautious," "minimize risk," "diversify investment," "spread bets," and "insure against losses." Other similar phrases also include "covering your bases," "being prepared for any outcome," and "taking a defensive position." These all suggest a sense of restraint and prudence, rather than taking big risks that could result in significant losses. Using these synonyms in place of "hedge bets" can provide a more nuanced and accurate description of one's actions in a given situation.