Hedgelet

On Wall Street, you might call it a hedgelet. On the Las Vegas strip, you'd call it a prop bet.

A hedgelet is a financial contract that allows you to bet on a particular event or outcome. They are often used to in relation to the release of an economic statistic (unemployment rate, GDP, etc.).

In Vegas, you might take the over/under of the number of free throws LeBron James will have in a playoff game. In the financial market, you can buy a hedgelet, which will pay off if GDP rises more than 2.0% in May.