Supreme Court Upholds Obamacare, Individual Mandate Despite Betting Trends
Though 75 percent were wagering on the Supreme Court scratching the most controversial portion of US President Barack Obama’s healthcare plan, the individual mandate, the high court instead opted to uphold the entire law as “Constitutional”.
Intrade.com, a leading prediction market, typically gets it right when coming down to the wire. This turned out to be the exception.
Only 10 percent of those betting on the individual mandate at BetOnline believed the Supreme Court would uphold the law.
The justices determined that the individual mandate, which would have required US citizens to purchase health insurance, is constitutional as a tax.
"The individual mandate is a hugely important component to the Affordable Care Act because it is what allows for, in many ways, coverage of those with pre-existing conditions and others who might otherwise not be able to get insurance,” Carney said.
American Health Insurance Plans, a trade group, said without a mandate, the country should expect "higher insurance costs and millions of more people without access to affordable care."
Opponents of the law claim it is too costly and intrusive.
- Gilbert Horowitz, Gambling911.com
