Someone turned 80k into like 1.2 million betting on Tesla calls or something and hedged with a Kamala win bet it was like 50k tesla/30k Kamala and they turned it into 1.2 million via Tesla somehow
Is it like
- bet 1/2 on unlikely thing
- bet 1/2 on likely thing
- rely on gains on either side averaging out to at least ++
In the example you give in the OP, it’s relying on the guess that it would be unlikely that Kamala wins and Tesla goes up OR that Kamala loses and Tesla goes down. Those were still possible outcomes though.