Shrug, it’s a way to bet on election outcomes. No different from betting on football or the stock market. The betting lines really do tell you something about the underlying reality, since if you are sure the true odds are different, they give you a way to turn that knowledge into an expectation of cash. I don’t participate myself, but you could interpret that as a weak belief that the current odds are about right.
That particular one comes with the stench of crypto but the original one (Iowa Electronic Markets) didn’t have that. Of course I’d expect the offered odds at all those things to be the same, or else there is arbitrage available.
It’s a prediction market using cryptocurrency. Look at predictit.net for a more traditional one.
Oh so it’s a useless thing for dupes and idiots okay. Thanks.
Shrug, it’s a way to bet on election outcomes. No different from betting on football or the stock market. The betting lines really do tell you something about the underlying reality, since if you are sure the true odds are different, they give you a way to turn that knowledge into an expectation of cash. I don’t participate myself, but you could interpret that as a weak belief that the current odds are about right.
That particular one comes with the stench of crypto but the original one (Iowa Electronic Markets) didn’t have that. Of course I’d expect the offered odds at all those things to be the same, or else there is arbitrage available.
https://en.wikipedia.org/wiki/Prediction_market
https://en.wikipedia.org/wiki/Iowa_Electronic_Markets