Users of the popular prediction website PredictIt can now place bets on who will win the upcoming Iranian presidential election.
The New Zealand-based PredictIt is a prediction market where users can bet money on specific outcomes to win cash. People buy shares of a specific “yes or no” outcome — in this case, who will win Iran’s election. At any given time, one yes and one no share theoretically add up to US $1. People can sell these shares, which may fluctuate in value, anytime the market is open. Once an event takes place, PredictIt cashes out the winners at $1 per share. The company takes a fee from any earnings.