LA restaurant group used $60,000 Dodgers bet to hedge playoff risk, Kalshi says

Oct 16 (Reuters) — A Los Angeles hospitality group used a $60,000 trade on Kalshi to offset revenue lost after the Los Angeles Dodgers failed to reach the World Series, according to the prediction markets platform. Here are more details: The group, which operates 25 bars, many of them near the Dodger Stadium, made a $60,000 trade on Kalshi if the team did not advance The position returned nearly twice the original stake, Kalshi said, helping make up for business the bars would have received from additional playoff games The trade points to a small but growing use of prediction markets by businesses seeking protection against risks that conventional financial products may not cover Kalshi platforms allow users worldwide to trade binary contracts on outcomes in politics, sports, economics and entertainment (Reporting by Pragyan Kalita in Bengaluru and Anirban Sen; Editing by Perla Velasco) ((Pragyan.Kalita@thomsonreuters.com)