Prediction markets vs sports betting: the real differences
In short
Who sets the price
Sportsbook: a trading desk sets odds and moves them to balance its book. Prediction market: every price is the last match between a buyer and a seller in an open order book.
The margin
A sportsbook's odds add up to more than 100% (two sides at -110 imply 104.8%): the extra is its margin. On a busy prediction market the two sides add up to about 100%, and the cost is the bid-ask spread (often 1¢ to 2¢) plus any venue fee.
Reading the number
Sportsbook odds need converting (+150 is 40%). A prediction-market price is already the chance: 40¢ is 40%, and it pays $1 if right.
Selling early
Many sportsbooks offer a cash-out at a price they choose. On a prediction market you can sell your shares to another trader at the live bid at any time before close.
Where PredictRips packs fit
PredictRips is neither: it sells packs of random positions on live prediction markets, priced at market, with a disclosed house edge (pack value at open is about 90% of the price). You can cash out any card at the live price until 2 minutes before its market closes.