These days gambling of world events, like a No-deal Brexit, or the results of an election is a fairly well established thing. (I imagine most people do it as a bit of a laugh)
I am wondering if one expects financial consequences of a particular event occurring, if it is viable to "hedge" against it by making a bet saying that the unfavorable outcome will occur? I am thinking there is some trade off point, where you lose some money if the unfavorable thing doesn't occur (but it's ok as the expected consequences also don't occur), but that if the unfavorable thing does occur then you get a payout which at least offsets the financial consequences of the unfavorable event.
Is this viable? Or is there some issue with it. E.g. the margins of the book keeper being too great, or the cap on a bet being to small to allow you to actually offset your risks.