This might help you:
Hedging is a great way to create freerolls or half/full middles for yourself. I certainly don't do it a lot, but there are times when it makes sense.
Yours made more sense to let it ride. I usually only hedge when I'm on a big dog and the other side has become a big dog. I've been screwed by comebacks too many times :ROFLMAO:
Sometimes hedging makes sense and sometimes it doesn't. In this case with a +530 and a +400 it probably makes sense because you aren't giving much up.
If you bet $1000 on the +530 to win $5300, You could bet about $1300 on the wolves to turn it into a freeroll. So $4000 guaranteed or let it ride...