Prediction markets are platforms where participants can place bets or make forecasts on the outcome of future events, with the collective predictions forming a market consensus. These platforms provide real-time insights into public sentiment and the likelihood of various outcomes.

Unlike traditional financial markets, a Polymarket-like platform focuses on the prediction of real-world events rather than the exchange of financial assets. Participants can trade in prediction markets based on probabilities of events, rather than buying and selling physical goods or securities.

Transparency is essential in prediction markets because it ensures that all participants have access to the same information, fostering trust and fairness. Transparent markets allow users to track how predictions evolve over time and contribute to a more accurate collective forecast.

Yes, prediction platforms can be a valuable tool for business forecasting. They allow companies to gather insights from a broad range of participants and leverage the collective intelligence of their user base to make more accurate predictions about market trends, consumer behavior, and other business-critical factors.

The profitability of a prediction platform comes from various revenue streams such as transaction fees, market-making services, and potentially offering premium features to users. Additionally, as more participants join and engage with the platform, the overall market liquidity and user base grow, increasing the platform’s profitability.