FiscalNote, a Washington-based information and technology company has announced it is entering the world of political prediction markets, citing the sector’s growing cultural position as a means of collating and disseminating political insights.
The company traditionally offers businesses and government organizations analytics and AI-powered insights on regulation and political risk, though it will now be crossing into the controversial prediction markets sphere.
PoliticalPredictions.com will be formed by a partnership of FiscalNote and 365Prediction after a Memorandum of Understanding was agreed between them.
Josh Resnik, President and CEO of FiscalNote, has commented on the new alliance, saying: “Prediction markets are rapidly emerging as a powerful new way to understand, anticipate and engage with outcomes across a wide range of domains.”
The announcement of this new venture notes the rapid growth of sports contracts in prediction markets, epitomized by the huge trading volumes reached during the Super Bowl.
Though it also explains that engagement stretches beyond those constraints into politics and policy.
Indeed, the trading of politics-based contracts was one of the first controversies churned up by the activities of prediction market platforms, causing much debate around the time of the last US Presidential Election.
A precedent has been set since then and reinforced by the CFTC’s growing support of the sector that political contracts are permitted.
Dr Laila Mintas has been drafted in as a Strategic Advisor for this project and she has commented: “Prediction markets require careful design, credible data, and thoughtful regulatory considerations. Having spent over 20 years designing and advising on regulated markets, I see tremendous opportunity in political markets, and FiscalNote — with its deep policy expertise and advanced analytics — is uniquely positioned to build a platform that is transparent, reliable, and delivers actionable insights to users.”
The agreement between the two companies is non-binding, but seemingly reflects FiscalNote’s commitment to becoming a “meaningful participant across multiple layers of the political prediction ecosystem.”
Dr Laila Mintas won a court ruling against former employer PlayUp
