The Crypto Betting Industry (Prediction Markets): An Overview

What Are Prediction Markets A prediction market is a collection of people speculating on the occurrence of events in the future. Some of these events include: election results, commodity prices, sporting events, and more. Through the use of the “wisdom of the crowd” these markets determine the probability of a future outcome. Those who forecast the outcome correctly win money, and those who don’t lose. Prediction Market Use Cases (why these markets are necessary) Prediction markets have multiple use cases. The first is forecasting future events.Prediction markets have been used to “accurately forecast the outcome of political contests, sporting events…...