Prediction market

{
  "id": "MLC-T-LAW-003837",
  "term": "Prediction market",
  "field": "Law",
  "definition": "An exchange-traded market created for the purpose of trading contracts whose payoffs are contingent on the outcome of future events. Participants buy and sell shares representing specific outcomes, and the market price of these shares can be interpreted as the collective probability of that outcome occurring. These markets are used to forecast elections, economic indicators, and other events.",
  "url": "https://mlchart.com/terminology/law/prediction-market/"
}