A collective of 25 Los Angeles bars revealed a strategic financial maneuver that resulted in a significant profit following the Dodgers' recent playoff elimination. The group placed a $60,000 bet predicting the Dodgers would not advance to the World Series.
This decision, as reported by Los Angeles Magazine, was a form of hedging. The bars, many of which are situated near Dodger Stadium, would suffer a decline in foot traffic and revenue if the team were to lose in the National League Championship Series (NLCS). By betting against the Dodgers, the group aimed to offset potential financial losses incurred from reduced customer patronage.
Conversely, if the Dodgers had won the NLCS and proceeded to the World Series, the increased business and revenue generated by the team's success would have more than compensated for the initial $60,000 bet. This dual strategy ensured that the group would benefit financially regardless of the Dodgers' playoff outcome.
The Dodgers were ultimately swept in the NLCS, leading to the bar group nearly doubling their initial $60,000 investment. The outcome means the group avoided the anticipated dip in business revenue while also securing a substantial profit from their bet.