This New Website Uses the Stock-Exchange Model for Sporting Events
(Via Business Insider)
Tradesports.com is a new website which allows its participants to participate in stock market-style live trading of a variety of outcomes during sporting events.
Sound confusing? It is, kind of. Business Insider has a brief overview of how it all works:
Tradesports.com will offer trading contests that have entry fees as low as $2 (There are also free-to-play games for fun, too). Every contestant gets the same stake. They can buy and sell positions in sports teams and players amongst other contestants during the game. Whoever makes the most money at the end of the game wins.
The site was created by the same people who ran Intrade, which used the same principles to allow people to put real money behind their predictions for political campaigns.
The site's CEO is quick to point out that what Tradesports offers is not gambling but "skill-based fantasy sports." Despite this distinction, paid for contests are not available in 10 restricted states (users in those states will still be allowed to participate in the free contests however).
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