I have seen a bunch of people saying that there are very good opportunities to bet on the upcoming election. This is meant to be a practical advice thread to share concrete opportunities.
You can turn 10 dollars into ~100 dollars on predictit right now, with no risk, and you immediately get the money to make other bets on predictit (although it takes 30 days to turn it back into cash, and the process takes a while). Here are the steps:
- Go here, and add up all the numbers in the rightmost column under "Best Offer" for "Buy No"
- Confirm that the sum is at most 14.89. It is 14.80 at the time I am writing this. If it is more than 14.89, you can't make (much) money here. The amount you make is roughly 8 dollars per cent of difference with 14.90.
- Make an account on predictit, and deposit the minimum amount of 10 dollars. (You can skip this if you already have a predictit account)
- Buy 10 shares of No for each of the 16 buckets in the above market.
- Confirm that your cash is now strictly greater than 10 dollars.
- Repeat step 4 until you have bought 858 shares of each bucket. As you have more cash, you can increase the number of shares you can buy at a time.
- On the top right of this market, there will be an underlined number under "Max. Payout." Click on that number to see a pop-up with a chart showing (in the rightmost column) how much extra money you will get in each world. If any of those numbers is greater than a dollar, repeatedly buy another No share of that world, until all the numbers are less than a dollar.
- Do the same for this market. (This one is at 14.88 at the time I am writing this)
- You now have ~100 dollars of predictit money. You can take it out for a 5% fee, and a 30 day delay, or you can bet in other predictit markets.
You can use catnip to bet on Biden in the election.
- It's doable from around the world
- It's easy to use compared to other crypto currency methods
- It has low fees and a pretty good price for Biden (between 62 and 63 percent)
- It has no betting limits
- It's a tiny project without any previous track record, so you might not trust it
- Very hard to use compared to PredictIt (you have to set up a crypto currency wallet and use a platform like bitvavo to buy Etherium)
- Anything that requires you to do that is probably inefficient for betting small amounts (afaik the crypto currency stuff has constant-sized fees)
If it can be trusted, it is in theory a way to make (a) more money than on PredictIt, and (b) with lower fees. (PredictIt charges 10% on profits and 5% on withdrawals. It also has an 850$ cap per market, although there are at least seven de-facto Biden-wins-the-election markets.)
If you live outside of the USA there are places you can still place a ton of money on pop-vote at good odds (~1.15). Biden is probably over 99% to win the popular vote. You can bet on Biden and place a larger bet on pop-vote to 'hedge'. I know some people with over 100K on pop-vote.