Predictify web-based prediction market

October 26th, 2007

Predictify is a new web-based prediction market that was mentioned in a Freakonomics post this week.

“Predictify provides a simple, fun way to engage in current and future newsworthy topics. Users can find events that interest them, predict the outcome, build a reputation based on accuracy, and even get paid real money when they’re right (tell me more). Best of all, it’s free – no points or bets required.” (link)

Registered users can make predictions in answer to a question and develop a reputation for accuracy. Anyone can ask a free question that is limited to 100 results all of which are public. You have to put up money (at least $100US) to ask a Premium question, which can receive up to 10K answers ($1/each) which remain private. People who answer a premium question may get a payout that’s a function of the total payout amount, their answer’s accuracy and their Predictify level. Predictify users advance through the levels (Beginner, Apprentice, Scholar, Expert, and Guru) w.r.t. different topical categories by making accurate predictions.

Her’s an example of a current question in the Pop Culture category with a payout pot of $1000 — on the US television show The Office, which of the couples Jan&Michael and Pam&Jim will still be together on November 16th?

Finally, a way to cash in on all those hours you thought were wasted in front of the tube and Intertubes.