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Cashing in on Online Prediction Markets

Posted by ryuzaki0 on from the betcha-someone's-making-money dept.

garzpacho writes "BusinessWeek takes a look at the use of prediction markets to forecast business success. These markets have been taking the form of games online--the Hollywood Stock Exchange, for example, allows players to bet on the success of movies. Hollywood is currently one of the largest consumers of prediction market data, in part because movies' broad appeal leads to a large number of players, but also because the markets have been surprisingly accurate--92% in picking Oscar winners over the last three years. Because of this success, other industries are taking a look; pharmaceutical and tech storage businesses are currently working to set up their own markets."

3 of 77 comments (clear)

  1. Re:I predict by roman_mir · · Score: -1, Offtopic

    oh, and I predict that the parent comment will make it +5Insightful (and this one +5 Funny)
    I charge very little for my predictions, movie companies - take notice :)

    --
    You can't handle the truth.
  2. Market forces rule. by Anonymous Coward · · Score: -1, Offtopic

    Laissez-faire capitalisic principles work so well. I don't understand how some people can still think that contolled markets and socialism are good ideas. Anarcho-capitalism, or at least something approximating to it, seems a much more intellectually sound choice.

  3. Speaking of HSX... by mobby_6kl · · Score: 0, Offtopic

    Shit, this reminded me to check HSX, and it looks like I lost almost $300,000 just this month! Despite being excellent movies, Clerks II and A Scanner Darkly aren't helping me at all. FSM bless Indiana Jones 4 and Pirates III though!