HubDub – March Madness 2009:
*Prediction Market Technology – Experience March Madness Like Never Before*
March 16th: Anticipation is running high for the 2009 NCAA Division I Men’s
Basketball Championship (popularly known as March Madness) with the first
round tipping off on March 19th.
On the web users can watch all the live action for free on CBSSports.com.
Additionally, there are no shortage of sites offering brackets on which you
can predict who will win all 63 games in the tournament.
Hubdub however has launched a prediction competition with a difference.
Unlike a bracket, Hubdub players can trade predictions through out the
tournament and in the later stages during the actual games themselves.
Additionally, not only are all the usual match up questions but players will
also receive daily questions like “Will any team hit a 3 pointer with 5
seconds or less to win?” and “Will President Obama attend any March Madness
The Hubdub Predict-a-thon is free to enter and is offering $500 in cash
prizes to its top players. On top of that, if you introduce a friend to the
competition and they win, then you receive the same amount.
Via Bo Cowgill of Google, via Foreign Policy, John McCain:
They would do anything to sell politics, these days.
It’-s a clever marketing ploy by team McCain, but why stop there? Why not have the candidate take positions in predictions markets such as Intrade? Wouldn’-t we rather know how prescient Senator McCain is about the odds of bird flu striking the United States by the end of September, the chances Pervez Musharraf will step down as Pakistan’-s president anytime soon, or the likelihood of a peace treaty between Israel and the Palestinians by January 2009? Put your money where your mouth is, senator.
InTrade-TradeSports and BetFair-TradeFair should let traders opt to make public their positions, and they should create dynamic prediction registries and leagues.
Previous blog posts by Chris F. Masse:
- Red Herring’s list of the top 100 North-American high-tech startups includes Inkling Markets —but not NewsFutures, Consensus Point, or Xpree.
- Professor Koleman Strumpf explains the prediction markets to the countryland people.
- Professor Koleman Strumpf tells CNN that a prediction market, by essence, can’t predict an upset.
- Time magazine interview the 2 BetFair-Tradefair co-founders, and not a single time do they pronounce the magic words, “prediction markets”.
- One Deep Throat told me that this VC firm might have been connected with the Irish prediction exchange, at inception.
- BetFair Rapid = BetFair’s standalone, local, PC-based, order-entry software for prediction markets
- Michael Moore tells the Democratic people to go Barack Obama in Pennsylvania (a two-tier state), but the polls and the prediction markets tell us that that won’t do the trick.