Future Events Betting Markets Are on the Rise
Forget horse races. Why not bet on the commercial space race, album drops and other events? A series of new “prediction” markets allows just that, potentially tapping into a $250 billion U.S. gambling market. These betting entrepreneurs are using play currency to get started, but odds are they’ll eventually facilitate cash wagers. Sites like Augur, Hivemind and Gnosis are built to handle cryptocurrency like Bitcoin — and preserve the anonymity needed to avoid pesky regulatory attention. But secrecy could be the project’s downfall, as outsiders worry about insider trading.