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)
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