There is lots of AFL betting strategies out there, and enthusiasts will likely attempt to convince you of the superiority of their AFL betting strategy over another.  However, in my opinion, hedge betting is the only AFL betting strategy that really works.  Hedge betting guarantees that you get a winning outcome: it basically involves using another bet as insurance on another.  While it operates on a very simple principle though, this particular AFL betting strategy only works during certain times.  Here is a scenario where this strategy can be properly applied:
Let’s say that you have placed a $10 five team multi-bet, which will pay a $100 profit if all of your team picks win.  So far, your bet is doing great: the first four teams have already won, and you just need the fifth win to collect.

Here is where hedge AFL betting comes in:

Instead of hoping that your fifth team wins, you can hedge bet by putting down $50 for the opposing team to win at $2.00.  If the opposing team wins, it will pay $100 with a profit of $50.
By using the hedge betting strategy, there are two outcomes that would guarantee a profit whichever way the game goes:  if your five team multi-bet comes in, you collect a $100 profit on your $10 initial bet.  Subtract the $50 bet you put on the opposing team, and you still have a $50 profit to look forward to.
On the other hand, if your multi-bet fails to come through, you collect $100.  Subtract the $50 you put down, and the $10 initial bet and you still show a profit of $40.  Admittedly, the best prospect in this scenario is a $50 profit as opposed to a $100 if you didn’t hedge your bet.  Still, you are guaranteed to win at least $40, which is still something.
As far as hedge betting goes, it is a good way to prevent losses if a winning outcome is uncertain.  However, the decision to hedge your bet depends on your purpose for betting.  If your main aim for AFL betting is to have a tidy sum to show for your efforts, then by all means, hedge bets left and right whenever applicable.  On the other hand, if it’s the excitement and the big wins that do it for you, you may prefer to simply take the risks as they are.  While hedge betting does indeed provide a safety net of sorts, it also serves to dilute the highs of having your bets come in.  After all, a true gambler risks total loss for the promise of total gains especially with AFL Betting.