Do you think you know who will win the presidential primaries in Alaska, or any other state for that matter? Maybe you have the inside track to who will take either party’s nomination? The website PredictIt lets you turn that knowledge into cash.
The way it works is the website sells you a prediction based on the probability their “traders” thinks it will happen. So if they think it is 64% probable that Donald Trump wins the Alaska Republican primary, as they currently do, you can buy that prediction for 64 cents apiece. If the prediction comes true the site pays you a full dollar for each prediction you purchased. In this case you would make 36 cents per purchase. Obviously, if the prediction doesn’t come true you loose all the money in the purchase.
The site updates the probabilities as each event comes closer, so even if the event you purchased doesn’t happen you could still make money if the traders believe the event is becoming more likely. In that instance the price they set to buy your prediction goes up and you can sell it before the event ever takes place with a profit.
You can play in the Alaska Republican primary here.
It doesn’t appear there is a marketplace set up at this point for the Alaska Democratic caucuses.
Here are some other fun events you can bet, errr, I mean purchase a probability on..
President Obama’s Job Approval
Congressional Job Approval
Direction of the country
GOP Presidential Nomination
Democrat Presidential Nomination
Next President of the United States