Why prediction markets are bad at predicting who’ll be president 

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If you look at predictions from British gambling site Betfair, the Democratic primary has a new top candidate: Mike Bloomberg. His odds of winning the Democratic nomination shot up suddenly in the middle of this week, and on February 14 he briefly passed Bernie Sanders — who has won the popular vote in the two states that have voted so far and is leading in national polls — as the candidate likeliest to win the nomination and likeliest (behind Trump) to be our next president. At the peak on Valentine’s Day, bettors on Betfair gave Bloomberg a 34.5 percent …
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