Want to bet on who you think will win the presidential election, or on how soon Britney or Lindsay will be back in rehab? A Web site called InTrade (www.intrade.com) lets you do just that.
As reported on ABC News, Intrade is what's called a "prediction market." It acts as a futures market, but instead of betting on the direction of the price of sugar or crude oil or pork bellies, you're betting on the direction you think various trends will take. And yes, you can make money if the value of your prediction increases.
Right now you can check out what Intrade members think of the chances for the various presidential contenders, as well as the potential vice presidential picks for each party. And there's more: Will there be an Olympic boycott? Will Eliot Spitzer be indicted on felony charges? Check the odds on Intrade!
How accurate is the information on Intrade? The founders claim that the Intrade market data is being used by institutions ranging from the U.S. Navy to the Federal Reserve Bank, as well as dozens of colleges and universities.
Intrade is the latest Web site to let users bet on predictions. There's also at least one that lets you bet on various sports teams, and one of the first such sites I remember hearing about years ago was the Hollywood Stock Exchange, where users guess how they think films will do at the box office.
Saturday, May 10, 2008
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