There is no real market participant who could benefit from hedging in sports betting. Only sports betting operators themselves, and the teams (who are legally forbidden from participating in betting).
But in a commodity market there are real participants whose primary business model is production, being able to hedge against future price swings provides real value to these businesses.
But in a commodity market there are real participants whose primary business model is production, being able to hedge against future price swings provides real value to these businesses.