[flight2q]

pzhon, you are one of the few thinking about it the right way! But your numbers are a bit off.

advantage of reduced hedge is 0.05
standard deviation of reduced is 1.05
full hedge is 523.8 to win 476.2
(assume -110 and perfect hedge; e.g. -4.5 and +4.5 or -1 and +1.5)

neutral bankroll if only full or no hedge possible
is 5775 (full Kelly)
neutral bankroll if only full or no hedge possible
is 23100 (if believe in 1/4 Kelly)

(bankroll includes both the 1100 and the 476.2)

correct amount to hedge (full Kelly, 476.2 is full hedge)
BR hedge
1600 404
2500 363
4000 295
7000 159
10k 23
10.5k 0

If someone has a bonus at a book, then if it is not used for the hedge, then it can only be gotten by making other wagers (hence, more risk). But this is a tiny factor, assuming the bonus could be cleared by making a flock of tiny wagers.

The other possibility is if someone with quite limited funds needs to deposit for a bonus before the 476 will be realized. But people in that situation are the ones who will be wanting to hedge near the full amount anyway, so they should just deposit what they have and hedge with it.