LA restaurant group hedges $60,000 on Kalshi as prediction markets become 'bespoke insurance'

• —The $60,000 Kalshi position paid out nearly 2x after the Dodgers lost the NLCS
• —Kalshi trading volume has reached $58 billion, with Polymarket at nearly $22 billion
• —A New York bar turned a $5,000 Knicks bet into an $8,500 profit on Kalshi
• —Columbia law professor Joshua Mitts called the trade 'functionally quite similar to bespoke insurance'