PredictIt Problem Resolving Bet

PredictIt.org is a legal U.S. gambling site that I didn't know about until I saw this story. I find it very compelling and I plan to join and make some bets. They take bets on political outcomes. Right now, they are having trouble resolving the bet on whether or not the government shut down because there were all kinds of conditions that had to be met. Pretty funny actually. 2 links here: the story about the unresolved bet and the link to their site:


https://www.washingtonpost.com/politics/bettors-need-to-know-did-the-shutdown-even-happen/2018/01/23/39ab5264-0061-11e8-bb03-722769454f82_story.html?utm_term=.1f9d44291595

https://www.predictit.org

I thought it was found to be illegal.

Quote: FinsRule

I thought it was found to be illegal.

I don't think so but:

I saw the story, was intrigued and had decided to sign up and make some bets. Then I looked further under their FAQs and saw this:

"PredictIt charges a 5% fee to process withdrawals"

and then this:

"Any time you sell a shares for a higher price than you paid, we charge a fee of 10% of your profit."

10% of your profit is not too bad and pretty much in line with other betting sites. A 5% processing fee on a withdrawal is outrageous and way out of line compared to other betting sites.

Translation: they are a Rip Off

Quote: FinsRule

I thought it was found to be illegal.

Technically, this is not legal in the U.S. But,they have a no-action letter from the Commodity Futures Trading Commission, which means prosecution is unlikely so long as they stick to some tight restrictions on volume and size of trades.


But who cares since they are a Rip.