News & Events

UI Market Demonstrates 'Wisdom of Crowds'

You don't have to look too hard to find Web sites that give ordinary folks the option of betting real or virtual money on U.S. elections. Since online gambling is illegal in the United States, some of those sites are offshore. One exception is the Iowa Electronic Markets, which allows low-stakes gambling on the U.S. elections. It's a good example of what people call the wisdom of crowds. The IEM, a nonprofit, allows gambling on the elections with each participant limited to $500. "It's not gambling since this is designated, formally, as a market," said TOM SNEE, a UNIVERSITY OF IOWA communications specialist. Faculty from the school's TIPPIE COLLEGE OF BUSINESS operate the site. The Spokesman Review is published in Washington State.

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