… The site is run by John Arisotle Phillips, who also heads one of the country’s largest political data gathering-operations. PredictIt has been online for a little less than a year, and allows traders to buy “yes” or “no” shares in specific questions about politics and upcoming elections. …
If this sounds familiar, that’s because another site, Intrade, offered similar markets — until it shut down after U.S. Commodity Futures Trading Commission filed a lawsuit.
Phillips, though, asked for, and received, permission to operate from the commission. Among the restrictions imposed by the agreement: $850 limits on trades. CONT.
Scott Detrow, NPR