Professor I. Nelson Rose on betting on future world events.
I must start by saying I like prediction markets. Allowing people to trade event contracts, that is, make bets on future real-world events, has led to extraordinarily accurate forecasts. Of course, it invites insider trading.
Nevada used to allow its sportsbooks to take bets on just about anything, like which movie would win the Oscar for Best Picture. Then regulators figured out that someone puts the card in the envelope, long before the Academy Awards show is broadcast.
Read the full article in the June issue of InterGaming
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