The microstructure implications of user interface
My first payment to TradeSports, the premier no-limit prediction market/betting exchange, which is based in Ireland, finally went through, and I put in my first order, which was to buy 5 contracts for Republican control of the House of Representatives in 2006 at $7.2.
A couple of observations:
- It's not possible to place orders in Safari or Firefox.
- The user interface is absolutely horrible.
- Navigation is a mess: How do I get a listing of my current open orders?
- The account overview page does not separate amounts reserved for open orders and for open positions.
- There is very little liquidity.
- Spreads are astronomical. Well, pretty large, currently 3.4% of bid-ask midpoint in the contract I'm trying to buy.
- Prices are quoted from 0 to 100, but actual dollar amount per contract is one tenth of this. Huh?
The site may not be so impossible to use once you get used to it, but it amazes me that a market with such a poor interface can ever yield good predictions. 
Comments
what do you think it wrong with it?
Posted by: Anna F | November 30, 2005 06:24 PM
Yeah, the situation in Iraq is improving. They have had the sense to capitalise on the ideals of justice and liberty, being to rule yourselves how you want, but for no one to be above the law. This involves not selling oil to the US if they don't want and voting in an Islamic theocracy if they want. Bush may not agree, but above all else he agrees with their right to do it.
Posted by: waffle | November 30, 2005 09:00 PM
Hello there,
Your critic would have been more percutant if you had compared TradeSports versus BetFair, Betdaq, and HedgeStreet.
Best regards,
Chris. F. Masse
Posted by: Chris. F. Masse .COM | December 1, 2005 10:57 AM
I think HedgeStreet is only for Americans, but I will certainly try out BetFair and Betdaq.
Posted by: Guan Yang | December 1, 2005 12:13 PM
Dude:
-It's not possible to place orders in Safari or Firefox.
FF works
-The user interface is absolutely horrible.
try using the old interface. it has java and is faster
-Navigation is a mess: How do I get a listing of my current open orders?
should be right below the prices on the trading screen
-The account overview page does not separate amounts reserved for open orders and for open positions.
Click on "Margins"
-There is very little liquidity.
Depends on the market. Most liquid markets are NFL football and NCAA Football.
-Spreads are astronomical. Well, pretty large, currently 3.4% of bid-ask midpoint in the contract I'm trying to buy.
Try to enter a limit order at the midpoint
Prices are quoted from 0 to 100, but actual dollar amount per contract is one tenth of this. Huh?
-Lopping off a zero is not too difficult
Posted by: Anonymous | December 3, 2005 05:07 PM