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Another reminder that betting markets don't determine elections and are easily manipulated by bad actors (lemmy.ml)

submitted 4 weeks ago by usernamesAreTricky@lemmy.ml to c/whitepeopletwitter@sh.itjust.works

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[–] JimmyMcGill@lemmy.world 7 points 4 weeks ago (1 children)

I mean that would be at least partially more true if it were a sequence of bets and results but in this case it’s a single bet which will take forever to resolve so all of that analysis is useless. I’m sorry it just is.

What betting markets give is a sentiment of who people (who bet) think will win, which is something, but it’s different from predicting who will actually win. Humans are crap at predicting shit, especially humans that bet and especially humans that bet in political outcomes.

A huge portion of bets are very biased because of political “teams” and beliefs. If people suck at betting in sports events I would argue they suck even more at betting at political events where their identify and beliefs and even more at play.

Polling already gives you flawed data, betting markets even more so.

[–] unexposedhazard@discuss.tchncs.de 1 points 4 weeks ago* (last edited 4 weeks ago)

But generally predicting elections is a dumb thing to try tbh.

As i said...

According to a bunch of reputable studies, the average, of the predictions/guesses that lots of people independently make on the same question, will always be better than most sophisticated prediction systems. Thats the effect that prediction markets try to leverage, but for elections this is probably just not gonna work.

Also only being able to analyze the accuracy every 4 years is shit for a study. If the market was big enough to allow for doing the same thing for a bunch of local elections, it could be interesting.