To set up a prediction market, you need software. As the use of markets has increased over the past decade, more software vendors have appeared, with more options and friendlier interfaces. There are three ways of getting started. The first option is to choose a vendor, purchase a software package plus consulting assistance, and host the market on your own system. This has the advantage of known costs and assured operation. The disadvantages are those found with any off-the-shelf software: higher front-end costs, ongoing support and licensing fees, and limited opportunity to customize.
The second alternative is to host a prediction market from a software vendor and run it on the vendor’s system. This has the advantages ...
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