Betting markets predicted a Trump victory. They were right.

By Savannah Peters | Marketplace

This was a breakout election cycle for election wagering, which was legal thanks to a U.S. district court decision last month. While pollsters ask people how they intend to vote in an election, prediction markets have traders gather information, think hard about the likely outcome and place bets, according to political economist Koleman Strumpf. “People don’t get involved in markets typically unless they think they have an edge,” Strumpf said. He argued that these betting markets knew something traditional forecasters didn’t.  Full Article