PredictIt Review

PredictIt Hands-on Review

PredictIt is a joint project from the good people at Victoria University in New Zealand and Aristotle International, a real-time betting-like site where users can wager real money on global politics.

Unlike American sports betting that enables users to bet on odds, PredictIt invites users to purchase shares in a possible outcome. Each share costs a certain amount of money, in relation to $1, and bettors want to buy low and sell high — either in the outcome playing out or before it tanks.

Bettors can wager either side of the outcome, either that it will happen or it won’t happen, and purchase a number of shares based on how strong their opinion is.

For instance, if you’re interested in betting on Donald Trump to be the GOP candidate for President of the United States in 2024, you can purchase shares at $0.45 apiece. If you want to wager on him not to be the president, you can bet on that at $0.55 per share. If he becomes the candidate, bettors, or investors, will receive $0.55 in profit for every share purchased. If he’s not, those who purchased those shares would receive $0.45.

Bettors may sell their shares to their fellow users at any time before the bet settles. For instance, if a bettor purchases shares in Trump at $0.45 apiece then sells right to someone else before Super Tuesday at $0.70 apiece, he or she would receive $0.25 profit for every share purchased, similar to what a bettor would receive if he/she cashed out of a sportsbook wager early.

What Is PredictIt?

PredictIt is an experimental website that invites users to forecast political outcomes.

PredictIt strictly deals with political futures betting and has a slew of global betting markets that users may purchase shares in. Participants can wager on who will be the next prime minister of the U.K., which party will control the U.S. House and Senate right down to which will be the winning candidate from each congressional district.

Participants are able to track their return-on-investment via a leaderboard and can engage in spirited debate about political topics via PredictIt’s comments section.

PredictIt is open to anyone 18 and older in the United States who will abide by the terms. Users who are in politics and attempt to insider-trade, so to speak, will be banned, as will participants who use foul or aggressive language or make threats in the comments section.

Is PredictIt Betting Site Legit?

Yes. PredictIt enables users to deposit and play with real money.

How Does PredictIt Work?

PredictIt empowers users to purchase shares in political outcomes they believe will happen. Each individual betting market is referred to as a “contract” and users are asked to buy shares in what outcome will happen.

Most times it’s a simple two-outcome question — which U.S. party will win control of Congress, Democrats or Republicans — but there are other prospective markets with multiple choices — for instance: which candidate will be the GOP presidential nominee.

PredictIt sets share prices based on the likelihood of the outcome to happen. It’s suggested that users buy low and sell high, making the aim of using the site to buy into an outcome that is worth less than $0.50 and see it through either to win the full $1 per share or sell at the absolute highest price to a different user.

There are caveats though. Users may not wager more than $850 in any individual contract. Plus, shares can be traded — oftentimes with users naming their own price and negotiating a final cost — from other users in an effort to pick up an edge from the market price.

PredictIt is a nonprofit organization but charges operational fees associated with maintaining its website. Thus all winnings are docked 10 percent, and all withdrawals carry a 5 percent surcharge.

Can You Win Real Money Playing at PredictIt Betting Site?

Yes! Since users are required to play with real money you can win real money as well.

PredictIt Signup Bonus

PredictIt is offering new users a first-deposit match up to $50 upon signup. Bettors who sign up and make their first deposit will receive a 100 percent match up to $50.

No-Deposit Bonus

No-deposit bonuses, which give users free funds just for signing up, are popular in the casino space but not the sports-gambling space. PredictIt does not have a no-deposit bonus at this time

Deposit Bonus

PredictIt gives new users a first-deposit match of up to $50, meaning that new players can double their initial deposit and have up to $100 in playable funds upon depositing.

PredictIt requires users to deposit $10 before trading, which means you should start with at least $20 in playable funds upon sign-up and first deposit. Deposit match bonuses are some of the most popular among betting operators.

Second-Chance Bet

Risk-free bets, or wagers that are reimbursed if they are unsuccessful, are popular in the online sports-gambling space. However, since PredictIt isn’t technically a betting site, it does not offer a second-chance bet.

PredictIt Betting Promotions

PredictIt is offering a new-signup bonus of up to $50 for users who deposit at least $10, but there are no current player promotions available.

My PredictIt App Experience

PredictIt does not have a mobile app, but its website is available on mobile devices. The PredictIt mobile experience is comparable to that of the desktop version. Participants can sign up, buy and sell shares and peruse markets on their mobile devices same as they would on any browser.

The mobile site actually presents a more organized layout than that of a computer screen as its analysis and insights section are neatly set beneath the main wagering options. Plus, all the available wagering options are readily accessible in the top of the screen above the main mediawall.

The PredictIt mobile experience makes the site a more convenient option than constantly wagering on a laptop or desktop.

Should You Bet at PredictIt?

If you are a political junkie and have an interest in betting on those markets, PredictIt seems like the perfect place to get your fix. Most United States online sportsbooks do not offer political betting, outside of maybe a few special wagers that center around the presidential election every four years.

But with PredictIt, users have a full complement of outcomes they can buy shares in from presidential and congressional races to which party will control each house of congress to global leader races and more.

With an intuitive and easy-to-navigate website, and a collection of ways to fix issues and get questions resolved, PredictIt seems like a fun and unique way to wager on politics, which have become some people’s favorite sport.

How To Join PredictIt

Joining PredictIt is simple. Here’s a look at the steps:

• Visit PredictIt.org
• Click “Sign Up” in the top-right corner
• Sign up with a valid email address, or Twitter or Facebook account
• Begin playing.

Payment Methods Available

Users must deposit at least $10 before they can begin playing on the site, and there is an $850 maximum wager on any individual betting market or “contract” as the site refers to it.

Deposits are instantaneous. Withdrawals carry a 5 percent fee and other potential fees depending on the method with which a user seeks to withdraw.

Deposits

Participants may deposit via credit card or PayNearMe, a widely accepted cash-depositing system that prints out a ticket that users can bring to local convenience stores like 7/11.

Withdrawals

Users may not withdraw until at least 30 days after their initial deposit, and all withdrawals carry a 5 percent surcharge that goes to PredictIt to maintain operations.

Participants also are charged a 10 percent fee on all winnings — meaning shares that are sold at a net gain or those that cash out at $1. Users who sell their shares at a loss or do not collect are not charged that fee.

Markets You Can Bet On

PredictIt only offers political futures to wager on. However, there is a variety of options, including:

• United States presidential election
• Congressional elections, including primaries
• Political props
  • Whether a specific politician will run for office/re-election
  • Current presidential administration props
  • Other global political props
• Global elections

Bet Types

PredictIt deals solely with political futures wagers. It does not offer any other variety of betting, including sports or casino gaming.

Rewards System

Many online sportsbooks offer users the chance at earning loyalty rewards to redeem on things like hotel stays and dining and bet credits. However, PredictIt does not have a rewards system.

Customer Service

PredictIt has a robust page of support for users who need it. It offers users a frequently asked questions page to try and troubleshoot their own problems. Otherwise, it invites participants to send a message via its online form that it will respond to.

States Where You Can Bet At PredictIt

Despite the fact not every state has legalized online betting, you may wager at PredictIt in any of the 50 states because PredictIt doesn’t legally stand as a gambling site. It operates as a research and educational site and is unregulated. It has operated since 2014 under a no-action letter from the Division of Market Oversight of the Commodity Futures Trading Commission.

PredictIt is a nonprofit organization.

Does PredictIt Have An Online Casino?

No. PredictIt is solely an experimental website dedicated to political futures bets.