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That’s the “spread” posted by bookies. Why?

They do, and states give worse odds than bookies.

The pundits don’t know. Click here for more information on John Stossel.

There’s knowledge to be tapped in people’s heads about what will happen next, and markets, as usual, are the best way to unleash that wisdom.

Silver writes, “There is an obvious appetite among sports fans for a safe and legal way to wager.”

But bills to legalize betting go nowhere in Congress. Bootleggers got rich off Prohibition.

Last month, I wrote about how U.S. With money on the line, forecasts are more accurate.

By the way, Betfair now gives Hillary Clinton a 40 percent chance of being the next president. Stossel also appears regularly on Fox News Channel (FNC) providing signature analysis. Prediction markets like Betfair, PredictIt.com and Predictious.com allow bettors to predict everything from the gender of England’s next royal baby to the winner of the next Nobel Peace Prize.

“Bootleggers and Baptists” is what economist Bruce Yandle called these coalitions. They also deprive Americans of useful information, such as who is likely to be the next president.

Luckily, the U.S. Commodity Futures Trading Commission recently gave New Zealand’s University of Wellington permission to run a prediction market in the U.S. Most states offer lotteries.”

In Maryland, most polls had the Democratic candidate for governor up by double digits, but the Republican won. They are joined by people who consider gambling immoral.

Second, people are more realistic when betting than when answering a survey. Casinos oppose them because they don’t want competition. It gave 89 percent odds that Republicans would win the Senate.

In 2012, Intrade gave Obama a 90 percent chance of winning, while pundits still said the race was “too close to call.” Gallup predicted a Romney win.

Most of these bets are illegal. When politicians allow people to put their money where their mouths are, bettors do a better job predicting future events. In 2012, conservative pundits confidently predicted a Romney victory. Except they aren’t so great either.

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Unfortunately, regulators will allow no more than 5,000 traders to make bets on a given contract (that is, a predicted outcome), and each trader can bet no more than $850. Polls suffer from a “self-reporting bias,” where participants say what they think they should rather than what they actually feel. This year, Democrats predicted they’d keep the Senate. We in the media try to rely on “scientific” polls. People figure these expert guesses are the best anyone can do.

Legalization efforts might get farther if we stopped thinking of betting as a vice and instead recognized that it’s a useful part of rational decision-making.

Newspapers and websites all over America tell their readers that Dallas is favored by three points. Bettors are better.

The Iowa Electronic Markets has outperformed political polls 74 percent of the time since 1988. Millions will be m88 asia bet on that game, and billions will be bet on other games this weekend — college football, NBA games, NHL matches, UFC events …

So allowing betting helps us make better predictions about the future.

Just as Prohibition created Al Capone, bans on betting create crime. On average, polls underestimated Republican performance by 4 percent.

Pollsters and pundits rarely suffer much penalty for being wrong. regulators shut down Intrade, a site that allowed people to bet on all sorts of things. Before elections, Intrade’s bettors consistently out-predicted the pundits.

In the New York Times, he wrote, “Gambling has increasingly become a popular and accepted form of entertainment in the United States. That will limit the site’s prediction ability, but at least America will allow one site that will generate real predictions instead of just hot air.

Want to bet on Thursday’s NFL game between Chicago and Dallas? I do.

Legalization efforts might get farther if we stopped thinking of betting as a vice and instead recognized that it’s a useful part of rational decision-making.

Although American regulators killed Intrade, the British online prediction market Betfair still operates. The site, PredictIt.com, allows users to bet on elections, court cases, regulatory decisions and more.

First, although individual bettors are no more enlightened than any one pundit, a large and diverse group of bettors usually is.

Recently, National Basketball Association commissioner Adam Silver became the first major professional sports commissioner to endorse legalizing sports betting.

But they aren’t. This is not a good thing. 

John Stossel is the host of “Stossel” (Thursdays at 9 PM/ET), a weekly program highlighting current consumer issues with a libertarian viewpoint

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Michael L. Jenkins

Michael L. Jenkins

Hi my name is Michael L. Jenkins and I am a sport betting enthusiast. I write articles and review products and services related to Sports Betting Systems and Sports Book's. Please see my blog at Sport Betting Store http://www.landofskyrbi.org for more great information on sports betting.
Michael L. Jenkins

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