Could Hurricane Betting Make You Money?

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posted on Sep, 7 2010 @ 12:27 PM
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Could Hurricane Betting Make You Money?


abcnews.go.com

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.
(visit the link for the full news article)


Related News Links:
www.usatoday.com
www.gambling911.com
www.oddjack.com




posted on Sep, 7 2010 @ 12:27 PM
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I saw a quick story about this on the news last evening.
At first, I was as horrified as anyone might be when you imagine wagering on life and death events such as natural disasters.

Reading further, I understand plans are to use funds generated by wagering on where landfall will occur, to help fund rebuilding and emergency services in the disaster areas.

Wondering what ATS people think?

abcnews.go.com
(visit the link for the full news article)



posted on Sep, 7 2010 @ 12:50 PM
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Where can I sign up for this? As an 'amateur' meteorologist and a watcher of the Atlantic tropics I like this. While one can argue the ethics in wagering on nature's fury I think this could lead to better forecasting that will saves life and help minimize property damage and the chaos that goes along with an approaching hurricane.



posted on Sep, 7 2010 @ 01:11 PM
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It will certainly be making Kenneth Horowitz money. But given someone always loses a bet, and a commission is taken, I doubt it’ll be helping many others. Unless of course we become Storm Chasers, then it could make you money as you e.g. bet a barn that’s just been blown down, will be!



posted on Sep, 7 2010 @ 07:24 PM
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reply to post by jrod
 

Maybe as soon as next summer...www.dieiscast.com...
www.oddjack.com...

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.

www.usatoday.com...

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.




[edit on 7-9-2010 by rusethorcain]



posted on Sep, 7 2010 @ 07:30 PM
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When I was working in our Darwin Met Office, we used to have a bet to see at what latitude and longitude the first named Cyclone of our storm season occured at.

Ive never thought of it as something of a life and death thing. But then again, we werent betting on when they crossed the land



posted on Sep, 10 2010 @ 09:26 AM
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reply to post by OzWeatherman
 


Thanks for the reply OZ. I guess it isn't always life or death in the case of hurricanes but they can sure leave a nasty scar on the landscape. Still it is incredible to me that soon we (others-not me!) may be wagering on this event.





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