Ascend Properties manages a portfolio of luxury rentals in Big Sky, Montana, one of the country’s top ski destinations. Weak December snowfall doesn’t just hurt the holidays. It drags down bookings for the rest of the season. So rather than hope for powder, Adam Farr, who runs Ascend, hedged the risk on Kalshi. He took a $2,000 position on Big Sky getting below-average snowfall in December. If the snow comes, bookings run as normal and Ascend serves the ski crowd like any other season. If it doesn’t, the Kalshi position pays out, helping offset lost bookings while Ascend waits for winter to show up. Either way, Adam’s business is protected.