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Unfortunately, if you placed your bet on InTrade itself, you may have some issues trying to collect your money. In a follow-up post on Business Insider, Joe Weisenthal goes into the controversy itself of the value of these prediction markets: It was popular among pundits and amateur fans of U.S. politics, as it allowed people to place bets on various real-life event outcomes (Would Obama win? Who would be the GOP nominee? Will the Supreme Court uphold Obamacare). Weisenthal's right in that just because the "bet" was wrong didn't mean InTrade was flawed. I think that totally misses the point, though. To reiterate the obvious example, InTrade persistently gave Romney better odds of victory than polls, poll interpreters like Nate Silver, and all other betting markets. But InTrade is far from the only "prediction" market whose ability to actually predict anything gets a bit overstated.
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