Despite a 2-0 hole and historical precedence in favor of Golden State, the Cavs aren’t out of this series yet. (source)
I am not sure what "hole" means here since this article is about basketball not golf.
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In this sentence the word "hole" has a figurative meaning rather than a literal meaning. It refers to the difference in score between the Cavs and Golden State, specifically from the point of view of the Cavs. Since the Cavs are losing, they are "in a 2-0 hole" and it could be said that they need to dig themselves out, again figuratively rather than literally.