PredictIt Allows Folks To Bet On The Montana Special Election, 80% Think Gianforte Will Win
The Montana special election is taking place Thursday, May 25, but there is still time for Montanans to wager on who they think is going to win. PredictIt is a site that allows users to bet on a vast variety of outcomes and Montana’s congressional election is one of them. PredictIt CEO John Phillips explains.
“It is a one dollar winner takes all contract,” said Phillips. “If one person thinks that somebody is going to get elected and the other person thinks this individual is not going to get elected, they exchange a contract worth one dollar. The winner takes the complete dollar and the person who is wrong gets nothing.”
According to Phillips, a majority of folks are betting on Republican Congressional Candidate Greg Gianforte to win the election.
“Forecasters think by 80 cents out of a dollar, meaning an 80% chance he is going to win,” Phillips said. “Quist is under 22 cents that he will win. These numbers have fluctuated over time. Gianforte’s odds were actually higher at one point. They dipped a bit, but now they are on their way back up.”
Phillips says these prediction markets are very popular and have a track record of being fairly accurate. Those who would like to predict tomorrow’s results can do so right here.