Betting Predictions Online Politics & Research

Published Monday, May 16, 2016 -
Betting Predictions Online Politics & Research

The startup ventures that involve gambling online are many but some stand out as innovative and more interesting than others. One such firm which excels in using a method to predict the future is PredictIt. With the slogan “Let’s Play Politics” this company has made some significant traction in the political prediction online real money market.

PredictIt is called the online real money stock market for political outcomes. The New Zealand based firm has employed a simple method that allows a member to make predictions on future events by buying shares in the outcome, either yes or no. Each outcome has a probability between 1 and 99 percent that is converted into US cents by PredictIt. Whenever the member sells a share for a higher price than paid, the company charges a 10 percent fee on the profit. The same fee structure applies if one holds onto the shares until the closing date and they are redeemed for $1.

The amount of news coverage the project of Victoria University in Wellington, New Zealand has received is outstanding with almost every major new source and media outlet following the idea established to research the way markets can forecast future events with the aid of a Research Data Sharing Program involving many Universities from the USA and others from around the globe.

Launched in 2014, it now has more than 30,000 traders registered, considerable more than the 19,000 at the end of 2015. Users must be residents and registered voters in the USA. The idea for PredictIt was first thought of in the mid 1990’s by Lee Evans, a professor of economics at the University of Victoria.

PredictIt maintains it is not like online gambling because it mainly exists to supply its data to universities for academic research, one of the main reasons the U.S. Commodity Futures Trading Commission allows it to operate legally. It is jointly run by Victoria University in Wellington, New Zealand, and a Washington-based political consulting firm Aristotle International Inc.





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