The opposite of a hedge is leverage (aka gearing).
A hedge is where you spend money to reduce your exposure.
Leverage is where you spend money to increase your exposure.
Spread bets are a form of leverage - that's what makes them such an effective way to lose all your money, quickly.
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The opposite of a hedge is nothing.
Because if you don't want to hedge you bets, you don't, therefore you merely have the original bet .
The opposite state of being hedged, is being unhedged .
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I guess the opposite of being hedged is being unhedged .
Typically, a hedge is an additional position that you would take on in order to mitigate the potential for losses on another position.
I'll give an example: Say that I purchase 100 shares of stock XYZ at $10 per share because I believe its price will increase in the future.
At that point, my full investment of $1000 is at risk, so the position is not hedged.
If the price of XYZ decreases to $8, then I've lost $200.
If the price of XYZ increases to $12, then I've gained $200; the profit/loss curve has a linear relationship to the future stock price.
Suppose that I decide to hedge my XYZ position by purchasing a put option .
I purchase a single option contract (corresponding to my 100 shares) with a strike price of $10 and an expiration date in January 2013 for a price of $0.50/share.
This means that until the contract expires, I can always sell my XYZ shares for a minimum of $10.
Therefore, if the price of XYZ decreases to $8, then I've only lost $50 (the price of the option contract), compared to the $200 that I would have lost if the position was unhedged.
Likewise, however, if the price increases to $12, then I've only gained a net total of $150 due to the money I spent on the hedge.
(the details of how much money you would actually lose in the hedged scenario are simplified out above; even out-of-the-money options retain some value before expiration, but pricing of options is outside of the scope of this post)
So, as a more pointed answer to your question, I would say that the hedged/unhedged status of a position can be characterized by its potential for loss.
If you don't have any other assets that will increase in value to offset losses on your position of interest, I would call it unhedged.
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There is no opposite of a hedge, except not having a hedge at all.
A "hedge" isn't directional.
If you are short, you hedge by having something that minimizes your losses if you are wrong.
If you are long, you hedge by having something that minimizes your losses if it decreases in value.
If you own a house, you hedge by having insurance.
There are "hedged bets" and "unhedged bets"
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I'd say the opposite of hedging is speculating .
If you are convinced an asset will appreciate in value, or rather the probability of gains is enough to induce you to hold the asset, you are a speculator.
There are lots of ways of speculating, including holding risky assets without hedging that risk and possibly magnifying that risk and return via leverage or the embedded leverage in a derivative contract.
Generally speaking, if in expectation you are paying to reduce your risk, you are a hedger.
If you are (in expectation) being paid to bear the risk that otherwise someone else would bear, you are a speculator.
The word speculation has been tainted by politicians and others trying to vilify the practice, but at the end of the day it's what we are all doing when we buy stock or any other risky asset.
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As an example of what I mean, when you buy a stock but are afraid that it might go down, you "hedge" your bet. What is the opposite of a hedge? In other words, what do you do if you are convinced it will go up in value and you want to profit from it?
What is the opposite of a hedge?
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<terminology><hedging>
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The opposite of hedge is leverage. You could also call it speculating.  You could say that the opposite of a hedge is leverage or gearing or speculating. Or simply the opposite of a hedge is simply not having a hedge at all or being unhedged. 
You could say that the opposite of a hedge is leverage or gearing. Some would say the opposite of a hedge is simply not having a hedge at all. The opposite of a hedge is being unhedged. The opposte of hedging is speculating