While many are only hearing about prediction markets for the first time, for near a decade they were active. It is a shame that I have not noticed them. Life is strange.
For example; trading on the outcome of Britney Spear’s conservatorship and the Suez Canal obstruction! – Could this event become a contract?
In order to understand the process you need to navigate first.
A prediction market is a market where people can trade contracts that pay based on the outcomes of unknown future events. The market prices generated from these contracts can be understood as a kind of collective prediction among market participants. These prices are based on the individual expectations and willingness of investors to put their money on the line for those expectations.
Prediction Markets–If it is not trading what is it?