The Right Coast
October 31, 2004
Yet another entrepreneural scheme
By Tom Smith
Yes, I'm obsessed. The combination of markets and politics is just too much for me. It's a good thing I haven't allowed myself to start following something like the betting markets on college football, or I would just disappear into a black hole.
Oh, let me mention my entrepreneurial idea before I forget. We really need a big, user-friendly play market where people like me could bet play money on political events, sports, movies, national security related events (ok, terrorist attacks). Some academic studies suggest even these play markets do a remarkably good job prognosticating events. Like HSX. And people would dig it.
You could post people's portfolios (or their avatars') so folks could see who the really studly prognosicators were. Everyone would start out with the same amount of play money, as in Monopoly. It's about your forebrain, not your pockets. You'd have to register with your email address and zip code, but we wouldn't spam you. Who knows, it might lead successful players to prominence in the blogosphere, contracts with real investors, or whatever. And, I'm telling you, it would be a valuable information resource for all kinds of people.
And, unlike real money betting, which has to be offshore, it would all be legal, as legal as Monopoly. Once this site was getting a few thousand hits a day, you could sell advertizing. It's not a multi-million dollar idea, but I think a few people could make some money doing it. Oh, yeah, you should be able to bet on weather events too. People love the weather. It's even got its own cable channel. It could be big, I tell you! OK, maybe not. It could be Medium I tell you!