In “That’s cute from a product development perspective but how did your regulators sign off on it” news, a Japanese bank has just introduced a CD which you purchase before the season which pays 1% APR if an underdog wins, 0.50% if they take 2nd or 3rd, and 0.02% otherwise.
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A well known furniture store in Boston used to do a "If the Red Sox win the series all purchases are free" sort of thing back before that started, you know happening and they had to pay out. Yes, they laid off the risk with a Lloyds of London type insurance policy.
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There’s a furniture chain in New England where if the Red Sox sweep the world series, or pitch a no-hitter early in the season, etc, all furniture purchased in an interval the previous spring is free. Similar hedging questions.
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Sports teams take out insurance contracts hedging against the team losing, to protect e.g. revenues from hosting home fixtures. Insurance, not gambling, because pre-existing risk.
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