Do you think you know who will win the Republican U.S. Senate primary in Alaska? The website PredictIt lets you turn that knowledge into cash.
The way it works is the site sells you a prediction based on the probability their “traders” thinks it will happen. So if they think it is 86% probable that Lisa Murkowski wins the Alaska Republican primary, as they currently do, you can buy that prediction for 86 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 14 cents per purchase. Naturally, if the prediction doesn’t come true, you lose all the money in the purchase.
The site updates the probabilities as each event comes closer. That means 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.