Prediction markets like we are talking about only change based on the bets that other betters have made. Pure prediction markets don’t even take a hosting cut, but most aren’t pure, so a percent or so goes to the inferstructure costs. It isn’t like a traditional Vegas sports book when the house picks horrible odds that you can take or leave where they know they will win.
Honest question:
Since we have a body of results-driven data to refer to in this case:
How often has Vegas correctly called election results 3 months out?
I’m not passing judgement on placing stock in betting odds (nor am I willing to give them any credit) unless I see some data that suggests they’re getting it right a vast majority of the time.
I was referring to prediction markets, not betting against the house in Vegas. With prediction markets, the odds are directly dependent on the bets other people make. They have a phenomenal record, and there have been lots of studies done on them. The most relevant recent one is that nearly every market has had Harris as being twice as likely as winning for nearly the last month. Most people just found out a few days ago that biden was dropping out. Somehow, this was already shown in pretty much every prediction market. When peoples money is on the line, in a large group, they tend to be quite good at predicting things.
