PredictIt

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The majority of betting may focus on the sports world, but there are still other ways for people to profit from their knowledge of worldwide events.

While some betting sites offer political prop bets every once in a while, other sites purely focus on political and worldwide events.

PredictIt, which is based in New Zealand, is one such site.

The site allows users to test their political chops by placing prediction bets on worldwide events through the trading of shares.

So if you’ve got a hunch on who’s going to be your next governor or who’s going to run in the next presidential election, you can join the site and use your political knowledge to win some real money.

To help new traders navigate the site, here’s a comprehensive review of PredictIt.

Pros & Cons Of PredictIt

Pros:

• Traders can trade shares on unique and niche markets
• Has many political markets
• Operates legally
• Available to American customers
• Site has approval of government officials

Cons:

• No welcome bonus or rewards scheme
• Doesn’t have a mobile app
• Other than politics, there aren’t many other markets
• High fees are attached to profits and withdrawals
• Limited banking options

Would We Place Prediction Bets At PredictIt?

Is PredictIt legal?

Yes, PredictIt is legal and an impressive site that purely focuses on politics and a few financial markets.

Because they’ve niched down to such areas, you’ll find a lot of unique markets on the site as it mainly aims to appeal to people who are politically inclined.

While we do hope that they end up improving some of the cons that we’ve mentioned, such as the site’s high fees and the scarcity of non-political markets, we still think the site is great, and most users should be pleased with it.

Overall, despite PredictIt’s few drawbacks, we would certainly use the site to place prediction bets.

Prediction Betting Markets Quality

On PredictIt, the major markets offered on the site revolve around politics betting, though there are also a few finance-related markets as well.

While other trading sites may cover a broader range of topics, PredictIt has the upper hand since it can focus on extremely niche political and financial markets, which you’re not likely to find on other sites.

So if you’re really into politics, you’ll be pleased by the prediction markets that PredictIt offers.

An In-Depth Look At PredictIt

PredictIt, which is based in New Zealand, was launched on 3 November 2014.

PredictIt is an online prediction market site that mainly focuses on political and financial events and was founded as a nonprofit research project of the Victoria University of Wellington.

Even though PredictIt sounds like a gambling site, the university had to work around several federal laws that prohibit online gambling to ensure that the site fits the mold of a prediction market, especially since one of the primary goals of the site is to promote research.

In 2016, as the US presidential election heated up, PredictIt—as well as other prediction sites—garnered a lot of media attention, which helped the site to blow up.

Aristotle International, Inc., an industry leader in political data and technology, helps support the site.

PredictIt also received a No Action letter from the Commodity Futures Trading Commission (CFTC) in late 2014, just before the site launched.

In short, this No Action letter guarantees that there is no risk of being prosecuted for illegal online betting.

PredictIt Coupon Code Details

Most sports betting sites offer lucrative promos to their customers such as no deposit bonus and so does PredictIt.

They will give you a match of 100% of your initial deposit up to 80 when you use BESTODDS coupon code. 

Deposit $80 when you open your account and PredictIt will deposit an additional $80. You will have $160 to bet on events.

Registration Process At PredictIt

PredictIt has a simplified registration process.

To sign up, just stick to these simple steps:

• First, head over to PredictIt’s mobile or desktop site.
• In the upper-right corner, click the sign-up button.
• You’ll have the option of signing up using your Facebook or Twitter account. Alternatively, you can use your email address.
• Next, enter a secure password and choose a username. Once you’ve done so, click “Create Account.”
• On the next page, you’ll need to provide the following personal details: first and last name, date of birth, address, city, country, and your zip/postal code.
• Finally, click next to complete the registration process. To begin trading, you’ll need to fund your account.

To trade on PredictIt, users need to be at least 18 years old. PredictIt also uses government databases to ascertain one’s identity, so ensure that all the personal info you have entered is accurate.

If you had previously signed up on the site, we advise you to log in using your old account instead of trying to create a new one.

If you disregard this and try to create a new one, both of your trading accounts may end up being closed since the site will suspect that you’re trying to create a duplicate.

PredictIt App Experience

PredictIt currently lacks a mobile app.

If you wish to trade shares on the site, you can only do so on the mobile or desktop site.

GeoComply

GeoComply is tracking software that helps sportsbooks figure out where registered users are located.

This is because sports betting isn’t legal in all 50 states, so sportsbooks have to act in accordance with the law by only allowing users in certain states to sign up and place wagers.

Since PredictIt isn’t a sportsbook and legally operates in all 50 states, traders don’t need to worry about downloading and activating GeoComply.

As long as your address details are accurate, you shouldn’t have any problems accessing the site.

PredictIt Site Experience

As we’ve already mentioned, PredictIt doesn’t have an app.

This means that registered users have to use the desktop or mobile site if they wish to trade shares.

As we were testing the site, we were extremely pleased with a lot of features. First, navigation is super smooth.

Thanks to a lot of quick links and well-placed tabs, users shouldn’t have any problems jumping from one section of the site to the next.

While checking out the available markets, we found they load quickly and efficiently.

Underneath each market, traders can also post comments, and this helps to promote discourse on the site.

Lastly, PredictIt uses a combination of different colors to create an aesthetically pleasing site that will surely satisfy most traders.

PredictIt Prediction Markets

PredictIt’s bread and butter are political markets.

Occasionally, you’ll also find financial markets and markets that focus on world politics instead of local politics.

Some of the political categories that you can buy and sell shares in include the following:

• U.S. elections
• Congressional elections
• State and local elections
• World markets

Notable Features

PredictIt has a couple of notable features.

Here are some of them:

• Ability to focus on extremely niche political and world markets
• Trader levels and different leaderboards
• Detailed market information such as a market’s historical prices and trends
• Availability of community forums

Understanding Trading Options

On PredictIt, users make predictions via the purchase of a share.

Each share is priced between 1 and 99 cents, and this translates to an event’s probability.

If you buy a share and you end up changing your mind, you can sell it before the conclusion of the event. Each winning share will end up yielding $1.

Of course, since PredictIt is a non-profit venture, there are some limitations that you need to be aware of.

First, you can’t invest more than $850 in a single contract. Besides this, the maximum number of individual traders per contract is capped at 5,000 traders.

Deposit & Withdrawals

To be able to trade on the site, you first need to fund your trading account.

If you wish to deposit funds, here are the available methods that PredictIt has listed:

• Credit/Debit Card – Visa, Mastercard, and Discover
• PayNearMe

When you make your first deposit, you’ll need to verify your identity by giving the site some basic info. This helps the site detect fraud, duplicate accounts, and underage trading.

After a few successful trades, you’ll surely want to get your hands on your money.

To withdraw funds from the site, here are the available methods you can use:

• ACH bank transfer
• Check

ACH withdrawals should take around five business days once they are approved, while checks may take up to two weeks to reach your address.

Keep in mind that all withdrawals have a 5% fee attached to them.

If you’re new to the site, you won’t be able to draw out funds from your account until 30 days after your first deposit.

PredictIt State Restrictions

As we’ve already mentioned, PredictIt isn’t a typical gambling site.

Because of the way the site is set up, PredictIt can operate legally without breaking any gambling-related laws, and this gives the site access to all 50 states.

So any trader who is legally in America can buy and sell shares on the site.

Loyalty Program

At the time of writing, there is no rewards program available on PredictIt.

Customer Service

If you encounter a problem as you’re trading, you can contact PredictIt’s customer support team using the contact form on their support page.

Here, you’ll also find a handy FAQ section that aims to answer most of your initial queries.

You can also reach the site’s customer support team using their email or by going to one of their official social media channels.

PredictIt Safety And Security

PredictIt operates legally and is a safe, secure site.

Any financial info that you share with the site isn’t stored, so you don’t need to worry about your credit card details getting leaked.

Aside from that, the site is fully encrypted and mimics the safety of a top-class financial institution.

So as long traders choose a secure username and password during the registration process, then they shouldn’t have any concerns regarding account safety.