Actually, things that are effectively prediction markets—options, futures and other “derivative” contracts—are entirely mainstream for larger businesses (huge amounts of money are involved). It is quite easy and common to bet on the price of oil by purchasing an option to buy it at some future time, for example.
The only thing that isn’t mainstream are the things labeled “prediction markets” and that is because the focus on questions people are curious about rather than things that a lot of money rides on (like oil prices or interest rates).
Actually, things that are effectively prediction markets—options, futures and other “derivative” contracts—are entirely mainstream for larger businesses (huge amounts of money are involved). It is quite easy and common to bet on the price of oil by purchasing an option to buy it at some future time, for example.
The only thing that isn’t mainstream are the things labeled “prediction markets” and that is because the focus on questions people are curious about rather than things that a lot of money rides on (like oil prices or interest rates).