Political Betting: Controversial Gamble?
Political bets are not nearly as young as is generally claimed. Gambling on political events can even be traced back to the 16th century in Italy. In the USA, too, political bets have had a long and strategic function within campaigns and election campaigns.
The phenomenon, which mainly takes place on the Internet, is currently becoming very widespread again. The principle is the same as in sports and is also offered by the same portals. In this way, those who enjoy betting online can place their election tip with a money stake on the political stage and make big profits in the process.
Which providers of political bets are there?
Well-known online bookmakers for political betting are bet365, betway, sportingbet or bwin. But many smaller bookmakers also include political bets in their offerings. Political bets belong to the segment of special bets. These are subject to a one-off event. Thus, they cannot be repeated in short periods of time.
Pros and cons of political betting
Advantages
High success rate: One of the gaming advantages is that someone with a broad general political knowledge can win the bet with a high success rate. Bets can be placed on all imaginable political events.
Market research: The forecasting company Prognosys trades in political securities and in the past was even more accurate in its results than market research institutes. The voter’s vote is sometimes better reflected by portals of this type than by the classic method. But betting exchanges can also be more accurate with regard to the results.
Increased interest in politics: It should be noted that as soon as the personal incentive to win is stimulated, even people who are disaffected by politics are suddenly stimulated to deal with the topic of politics. What may have been dry and boring before suddenly turns into sudden interest in controversial ways. It’s actually not a bad psychological trick to animate the affective part in us in such a way that political games suddenly become as exciting as sports betting on the next soccer World Cup.
Disadvantages
Profit distribution unclear: Is the political event only very vague; if, for example, a political person resigns, the distribution of profits can take a long time or not arrive at all. The money invested tends to be retained for longer. It is therefore advisable to make a foreseeable bet, such as in a head-to-head situation in an election campaign.
Market research: The results from the betting providers are interesting, but ultimately they cannot be really representative. While pollsters have margins for error, the betting exchange isn’t always about politics. It’s not about political questions, but about the successful use of money.
