IEM Noted As Established Exchange

Cyberspace betting on political events has flourished since the last American presidential election, in 2000. Websites such as www.betfair.com, based in Britain, and www.tradesports.com, based in Ireland, let gamblers back and lay odds on their favorite candidates for a host of American election contests with as much money as they want. An older exchange (and the only legal one based in America, where gambling over the wires is forbidden), the Iowa Electronic Markets (IEM), sponsored by the UNIVERSITY OF IOWA, has been letting selected experts bet modest amounts for years.

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