PredictIt

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PredictIt is a United States-based online prediction market that offers exchanges on political and financial events. PredictIt is a project of the Prediction Market Research Consortium, a not-for-profit organization, for educational purposes and is supported by Aristotle, Inc. The company's office is located in Washington, D.C. Only United States citizens can bet on the site. PredictIt uses a continuous double auction to sell shares for each event in its markets, meaning that for every person who predicts that an event will take place, there must be another person who predicts that it will not. The site groups related predictions into a market. Operating expenses are covered by charging a fee of 10% on earnings in excess of the original investment and by charging an additional 5% withdrawal fee. PredictIt has many different categories of markets, including questions about presidential administration, U.S. elections, Congress, state/local elections, and world politics. Questions vary from asking which political party will win certain elections, which candidate will win, what the margin of victory for the winner will be, and even what the results of future polls on RealClearPolitics and FiveThirtyEight will be. PredictIt was launched on 3 November 2014 as a nonprofit educational project of the Victoria University of Wellington, New Zealand. The platform was created by John Aristotle Phillips in collaboration with the University. To obtain an approval of the Commodity Futures Trading Commission (CFTC), PredictIt "had to work around federal laws that prohibit online gambling and govern commodity futures trading."