News & Events

IEM Noted As Legal Market

It is technically illegal to bet on a presidential election in the U.S., but the University of Iowa business school runs a trading site called the IOWA ELECTRONIC MARKETS that is open to the public. It is legal because the university uses it for educational purposes. Traders can buy or sell contracts based on who they think will win. Earlier this week, a Bush contract was more expensive than a Kerry contract, meaning punters -- sorry, traders -- think Mr. Bush will win. The three professors who set up the scheme say it has predicted the winner of all but one of the presidential elections since 1988. The Age is based in Australia. The article also appeared in the SYNDEY MORNING HERALD

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