iPredict Picks National Candidate for Botany

iPredict, New Zealand’s prediction market, has correctly forecast the National Party’s selection of Jamie-Lee Ross as its Botany candidate.

Mr Ross was the favourite among the five Botany candidates announced by National on 20 January.

“This is a pleasing result for iPredict,” said iPredict Chief Executive Matt Burgess.

“Getting in the heads of the 60 voting delegates and taking account of the voting system can’t have been easy for traders, but they worked it out and correctly picked the winning candidate.

“The media naturally focused on Maggie Barry but after a strong showing earlier in the week, traders had her as a 5% outsider by Wednesday night, and Mr Ross had taken control of the race,” said Mr Burgess.

Forecasting was done through five contracts trading on iPredict, one for each candidate. The contract for the winning trader paid $1, while the other contracts closed at $0. The trading price of contracts on the prediction market is the forecast that the event will happen.

“Mr Ross had an average trading price throughout the week of 63 cents, easily the highest of the candidates,” said Mr Burgess.

iPredict is owned by Viclink, the commercial arm of Victoria University of Wellington. Details of the company and its stocks can be found at www.ipredict.co.nz

ENDS

© Scoop Media