> You would have bet the farm on the undervalued bet on the prediction markets.
This is what's frustrating about sites like 538. They have Biden as an 87% chance to win. A betting site I frequent has Biden's winning odds as -180 (1.556 for Europeans). If they really believe the accuracy of their models, they should literally be betting the farm on a Biden win.
Real estate prices are unlikely to drop too much since they're one of the few ways locals can maintain a store of value (if a relatively non-liquid one).
In horse racing where the bets are done via parimutuel[1], the challenge is that there's an upper bound on how much you can "invest" in a given wager without changing the odds. This makes it less likely that an expert will seek outside investment unless their model has them betting "wide" (lots of small bets vs. a few large ones).
This is what's frustrating about sites like 538. They have Biden as an 87% chance to win. A betting site I frequent has Biden's winning odds as -180 (1.556 for Europeans). If they really believe the accuracy of their models, they should literally be betting the farm on a Biden win.