LA bar group places $60K bet against Dodgers winning World Series

A group of Los Angeles bars nearly doubled their money after betting $60,000 that the Dodgers would lose the NLCS, according to prediction market Kalshi. 

"They have 25 bars, and many of them are close to Dodger Stadium," Kalshi spokesperson Nicole Kagan said. "They put about $60,000 on a position, and they got just under double that back when the Dodgers didn't make the World Series."

The return of nearly twice what they invested could offset lost revenue from the Dodgers' playoff shortfall. Betting experts described the bet as insurance businesses couldn't otherwise get. 

"It was a really creative way to go about attacking the situation that probably created a lot of stress because, again, the upside was there, but there's no guarantees in life or sports," said Doug Kezirian, a Las Vegas betting expert and former ESPN analyst. "The public might only process this as you bet with your heart. That's not how everyone operates. Sometimes businesses have decisions to make, and they're doing the prudent thing."

He added that prediction markets are becoming a way for small businesses to protect themselves from volatility. 

Similarly, the owners of 28 Wishes Ice Cream Shop in downtown Los Angeles started hedging against financial losses caused by shifting weather. They said a $20 trade could make up what they lose and then some. 

"$20-$30 could turn into $600-$900," one owner said. 

The hospitality company CBS News Los Angeles believes made the trade on the Dodgers losing did not respond to repeated requests for comment. Kalshi would not confirm who they were.