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Want to make a buck betting on where the wind blows?
If entrepreneur Kenneth Horowitz has his way, you could be doing just that as early as next summer.
His new online trading platform lets people place bets on where hurricanes, like Hurricanes Danielle or Earl, make landfall.
Hurricane gamblers have several options for placing bets. One is how many hurricanes will hit the United States. Another is how many will hit Florida and what category they will be.
Oddsmakers use meteorological data, including Colorado State University professor William Gray’s annual forecast for the Atlantic hurricane season, as well as historical data to determine the likelihood of storm strikes.
Moore, a graphic designer from Quincy, Mass., will make a profit of about $72.50 if exactly two Category 3 or higher hurricanes pummel the U.S. this season. He will make $5 if at least one hits. If none hit or three or more hit, he loses. Category 3 storms have winds of at least 111 mph.