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Race for 2011 government predictions is on

The race is on - and not the one for the Melbourne Cup. iPredict has opened the betting on who will win next year's general election.

Trading began at 2.30pm and, so far, National is firmly in the lead.

A bundle of eight contracts will ask traders what percentage of the party vote the National, Labour, Green, Maori, New Zealand First, ACT and United Future parties will receive, with the eighth stock asking what the combined party vote of all other parties will be.

Rather than ask people how they would vote, iPredict asks traders to work out how the rest of the community will vote.