Iowa Electronic Markets
University of Iowa research market. US politics only. Oldest continuously operating real-money prediction market.
- ✓ Researchers and academics interested in the oldest real-money prediction market
- ✓ US users who want a simple, no-frills political forecasting platform
- ✓ Anyone with a small stake: $500 maximum is fine for casual use
- ✗ Active traders: $500 account cap makes serious trading impractical
- ✗ Anyone wanting sports, economics, or markets outside US politics
- ✗ Users who need a modern, polished interface
About this operator
The Iowa Electronic Markets (IEM) are real-money prediction markets operated by the University of Iowa Tippie College of Business as an academic research and teaching project. Founded in 1988, the IEM is the oldest continuously operating real-money prediction market in the world. Its focus is almost entirely on US political elections, particularly presidential races, where it has consistently outperformed major opinion polls in the final weeks before an election. Accounts are capped at $500 under the terms of the CFTC no-action letter that permits its nonprofit educational operation. The IEM is primarily of interest to researchers, students, and prediction market historians rather than active traders seeking liquidity.
Quick facts
| Founded | 1988 |
| Headquarters | Iowa City, Iowa, USA |
| Type | Academic / Research |
| Settlement | USD |
| Fees | None |
| Min deposit | $5 |
| KYC | Light (US only, $500 account cap) |
| Volume | Low (academic use) |
| ✓ Data verified April 2026 | |
Iowa Electronic Markets — Scorecard
Editorial ratings based on publicly available data. Your experience may vary.
Iowa Electronic Markets — strengths and weaknesses
- ✓ Founded 1988, longest track record
- ✓ Consistently beats major polls
- ✓ University-backed credibility
- ✗ $500 maximum account size: impractical for serious trading
- ✗ Politics-only, very limited market selection
- ✗ Infrequent new market launches: only active around major elections
- ✗ Older platform with a less polished interface than commercial alternatives
What does it actually cost to trade on Iowa Electronic Markets?
No trading fees. The only cost is the bid-ask spread, which can be wide in thin markets (a $100 position may cost $1–5 in spread depending on liquidity). Markets are most liquid in the weeks before major US elections.
How to start trading on Iowa Electronic Markets
- 1 Register at iems.uiowa.edu (US residents only); read the academic terms of service
- 2 Fund your account via PayPal or bank transfer (maximum $500 total)
- 3 Browse the available political markets (most are US presidential and congressional races)
- 4 Buy shares at the current market price or post limit orders in the orderbook
Frequently asked questions — Iowa Electronic Markets
What is the Iowa Electronic Markets? +
The Iowa Electronic Markets (IEM) is a real-money academic prediction market operated by the University of Iowa Tippie College of Business. Founded in 1988, it is the oldest continuously operating real-money prediction market in the world. It runs as a research and teaching project rather than a commercial platform, and has a strong track record of outperforming major opinion polls on US presidential election forecasts.
How is IEM regulated? +
IEM operates under a CFTC no-action letter granted specifically to the University of Iowa for non-profit academic research purposes. This conditional exemption allows small-scale real-money trading. IEM is not a full CFTC-regulated exchange; it operates under an exemption, similar to PredictIt, with strict limitations on account size and market scope.
What is the account cap on IEM? +
IEM limits individual accounts to $500 total. This cap is a condition of its CFTC no-action exemption and reflects the academic rather than commercial nature of the platform. The low cap makes IEM impractical for serious traders but appropriate for educational participation and small-scale forecasting.
What markets does IEM offer? +
IEM focuses almost exclusively on US political elections, primarily presidential races, but also congressional and other major political contests. It does not offer sports, economic, or general event contracts. Market selection is very limited compared to commercial platforms like Kalshi. The IEM is primarily of interest to researchers and students studying political forecasting.