PredictIt is a real money exchange<\/a> that sells shares of political outcomes. Correctly predicted shares are redeemed at $1 each. Bettors are limited to placing $850 on each market, or “contract.”<\/em><\/p>\n<\/div>\nBets for the Average Joe<\/h2>\n
PredictIt has been gaining in popularity since the 2016 presidential election. Bettors who took Trump at nearly insurmountable odds were handsomely rewarded for his upset over Hillary Clinton, prompting more gamblers to jump into the action.<\/p>\n
The site’s $850 per market cap is designed to keep heavily bankrolled high-rollers out. Unlike daily fantasy sports, where just one percent of players account for over 90 percent of profits, PredictIt wants its market lines to form from multiple players, not a few bettors placing large amounts on any particular outcome.<\/p>\n
“It’s really designed to prevent whales from coming in and either shifting the odds of something occurring or making a huge killing,” PredictIt CEO John Phillips told CNBC <\/i>this week.<\/p>\n
The CNBC <\/i>story\u00a0covered the growing pool of users who are trying to make the online site into a full-time living. One trader who showed the business media outlet his transaction history revealed roughly 5,400 trades during the most recent month, with a profit of $25,000.<\/strong><\/p>\nOf course, not all are so ambitious. Most say they’re just looking to break even or pull in some extra spending money.<\/p>\n
“I might get to the point where I’m making a few hundred dollars a week,” a political science major said hopefully.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Donald Trump delivered his first State of the Union address Tuesday night, and online political bettors on the PredictIt.org exchange correctly anticipated much of what the POTUS spoke about with one year in office under his belt. Bait and Switch While the White House told media beforehand that the speech would be a call […]<\/p>\n","protected":false},"author":42,"featured_media":68699,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,61,1074],"tags":[],"acf":[],"yoast_head":"\n
President Trump State of the Union Delivers Win for Political Bettors<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n