Political Online Gambling Available With PredictIt

Published Tuesday, February 09, 2016 - Online-Casinos.com
Political Online Gambling Available With PredictIt

Punting on politics is a fascinating activity for those who like the exciting players in this game of words especially in the USA. American voters are engrossed in the often controversial words coming from the various political candidates that are running in the presidential election. At this point the two main parties in the States, the Democrats and the Republicans, are choosing their representative choices for the race for the top. An interesting new, real money site that tests your knowledge of political and financial events by allowing the gambler to make and trade predictions on the future has been active since November 3, 2014. The site is called PredictIt, and it involves political futures trading on a political prediction market. PredictIt has more than 60,000 users, with 19,000 currently active members. Some economists and political pundits believe that prediction markets are more accurate than polls, though the evidence isn't very clear.

PredictIt is a project of Victoria University of Wellington, in New Zealand established to research the way markets can forecast future events. PredictIt uses a continuous double auction to sell shares for each event in its markets, meaning that for every person who predicts that an event will take place, there must be another person who predicts that it will not. The project is supported by Aristotle Inc a private US firm that deals with voter registration data and acts as a fund-raising consultant. There are markets for all the upcoming primary states such as who will win each party's nomination. There are also presidential general election markets and even whether there will be a federal minimum wage hike in 2016.

Betting on elections is illegal in the USA and strictly enforced in Nevada and Washington but the prospect of betting on elections is gaining more mainstream traction. In 2014, Nevada State Senator Richard Segerblom introduced legislation that would allow Nevada sports books to take bets on political elections.  

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