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Create your own prediction market

Paul Fletcher-Hill
Mar 14, 2019 · 6 min read

Step 1. 🤔 Decide what you want to bet on

The first step is to decide what market you want to create. We’ve had people ask to bet on everything from e-sports competitions to crypto network launches to whether Kanye West will wear a MAGA hat this month. You can create markets with wide appeal—on topics like politics, entertainment, or sports. Or you can create very specific ones—like will CDP 5199 be liquidated or will United flight UA 875 be delayed?

  • Will the New England Patriots win Super Bowl LIII?
  • Will Veil launch its market creation feature by 12am PDT March 14, 2019?
  • What will be the price of Maker (MKR) in USD at 5pm PDT on Friday, March 15, 2019? (Between $523.70 and $785.54)
  • How many goals with Cristiano Ronaldo score during the 2019 UEFA Champions League? (Between 0 and 12)

Step 2. 📝 Create a draft market

Let’s set up our first market for demonstration purposes. We’ll create an example market: Will 2020 presidential candidate Andrew Yang have 250,000 or more Twitter followers on April 1, 2019?

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Step 3. 🙋‍♀️ Gather interest for your market

At this point, your market is created and discoverable by anyone on Veil, but it’s still considered a draft. A draft market in Veil is one that hasn’t been persisted to Augur yet or been activated. Once a market is activated, it can’t be changed. But you can update a draft market as much as you want. Maybe you realize your resolution rules are incomplete or you’d just prefer to have a purple background instead of orange.

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Step 4. 🔥 Activate your market

Once you’ve shared your draft market and are happy with the community buy-in, it’s time to activate your market. All markets on Veil are represented as Augur markets under the hood. Augur is a crucial piece of infrastructure because it can help resolve and secure any arbitrary prediction market. But that work has to be paid for, so in order to activate your market (and get paid yourself) you have to make two deposits—one in ETH and one in REP. You’ll get these deposits back once the market ultimately resolves, but the idea is to limit spam in the Augur network. When you activate your market, all the trades that would have happened when it was a draft will be executed.

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Step 5. 🔮 Report what happened

When your market finally expires, you’ll be responsible for submitting the initial report. That report is what actually happened (i.e. whether Andrew Yang actually has 250k or more Twitter followers or whether the Patriots did win the Super Bowl), and it helps determine how much users should be paid for their positions.

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Conclusion

That’s it! You can now create prediction markets on Veil. Start by creating a draft market for free, then see if the community is interested in betting in it. If they are, activate it and get paid when people participate!


Veil

Markets on everything, by everyone.

Paul Fletcher-Hill

Written by

Building Veil (https://veil.co). Formerly Hill Street Labs, PatientBank.

Veil

Veil

Markets on everything, by everyone. Veil is a trading platform for real-world events. Get started now: https://veil.co.

Paul Fletcher-Hill

Written by

Building Veil (https://veil.co). Formerly Hill Street Labs, PatientBank.

Veil

Veil

Markets on everything, by everyone. Veil is a trading platform for real-world events. Get started now: https://veil.co.

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