Charity + Prediction Markets
A new prediction market site with a twist: your profits in the market get donated to the charity of your choice.
I was concerned that it may look noble but that they might be profiting from the bid/ask spread, so I wrote and asked them. Here is their response:
No fees, except the 5% on top of any funds put into your account. That fee does little more than cover the credit card processing charge. For example, if you want to put $5 into your account, you will be charged $5.25, and you will have $5 in your account to trade with. After a while, maybe you’ll have grown your account to $50, all of which you can ask us to give away to the charity of your choice. No fees on donations. Another way of saying it is that 100% of the funds that are in trading accounts will eventually be given away to charities chosen by the winners.
Very cool, I hope it takes off.