This week we released a totally new breed of prediction market, a “mash up” between online betting and online giving.
It’s a simple idea: What if, rather than being reviled as a source of evil, the natural urge to bet on the future could be leveraged to help improve the future? What if you could win more than money?
bet2give, located at http://bet2give.com, is a real-money prediction market where you grow your account with investments in smart predictions about the future, then give your winnings away to non-profit organizations of your choice. Topics cover sports, finance, politics, the war on terror, Iraq, and various current events in between.
Because participants cannot profit financially or materially from their successful bets – all the money won or lost eventually goes to non-profit organizations – bet2give is obviously not a “gambling” venue. The value proposition is something else altogether:
Since you’re betting directly against other people, you are effectively competing to divert their funds to your favorite causes — and they’re trying, of course, to do the same thing unto you. On bet2give, those who are best at predicting the future also get to decide how to improve the future, one donation at a time.
By combining the thrill of betting and the reward of giving, bet2give delivers a unique and powerful emotional experience. It makes betting feel right and it makes giving more fun. There is real synergy there!
At the time of this writing, there’s already more than $1,100 in play, all of which will eventually be donated to various causes chosen by the players when they feel ready to give. And a couple donations too: $20 to the Food Bank of Western New York, and $20 to the Roswell Park Alliance Foundation. It will be interesting to watch what sorts of causes the players will champion.
However, rather than competing with existing channels of online giving, we are betting that bet2give will contribute to enlarge the online fundraising plate for all sorts of worthy causes that people believe in, all the while providing great entertainment and valuable collective predictions backed up by real money.
Again, the bet2give prediction market is located at http://www.bet2give.com.
Will you join us in exploring this totally new territory at the frontier of betting and giving?