BluBet, a betting exchange in which nothing of value changes hands, has just launched.

Users can set up bets based on pop culture, sports, anything. And if you win, you get points.

The founders see it as a simple way of creating a predictive market, although thatís not their goal. Even though free systems donít motivate users with enough of an upside to be consistently accurate in aggregate, some free systems have discovered very successful individuals. Money-free PicksPal was able to beat the Vegas spread for sports, but probably serves as a proxy for a lot of the real sports gambling happening offline. Social stock picking startups are another category trying to create a predictive market based off of their users.
http://www.techcrunch.com/2007/08/20...g-with-blubet/