We need to create a fair regulatory framework for the legal operation of prediction markets such as Intrade.com in the U.S.
Unlike traditional speculative betting sites, Intrade serves a clear public interest by aggregating valuable information around the likelihood of important future events occurring.
Many economists believe that the information contained within a site like Intrade can aid in decision making for the business community, for policy makers, and for everyday consumers.
Absent legal prediction markets, it is harder to plan for the future. Our policies and our economy will surely suffer without this insight.