Quick Overview

GEM lets you use your prediction and trading skills to receive recognition relative to the rest of the worldwide GEM trading community as to your prediction skills. If you are an Eligible Sweepstakes Participant or Participate in the GEM auction, you can win cash or other prizes.

After completing the registration you will be endowed with G$10.00 as initial virtual money to play in the markets. In order to receive more G$ you have to "join an Election". Joining an election credits your account with G$ for you to use to trade. Once you "join" an election your account will be credited with twenty GEM dollars plus 10 shares of each candidates for that particular election (equal to G$10). Each group of all candidates for that particular election is considered a "basket", each basket is worth G$1 and contains one share of each possible outcome; the basket will include a "rest of field candidate" representing all other possibilities not included in those named.

When the election is over, the shares of the winning candidate or outcome cash out at G$1.00, while the shares of all other candidates or outcomes expire worthless.

You can trade candidates' shares in the market and see if you can increase your account's net worth by selling what you think will be losing candidates shares and keeping your winning candidates shares. You can also use your virtual cash to buy additional winning candidates shares if you think they are under valued in the market.

GEM will show in your account the "Available Cash" that you can use to participate in the sweepstakes or to make auction bids. Available cash is cash earned less any amounts that have been committed to other elections, spent on previous Sweepstakes, or are being used in a current auction bid.

 

Joining an Election

Joining an election credits your account with G$ for you to use to trade. Once you "join" an election Account will be credited with twenty GEM dollars plus 10 shares of each candidates for that particular election (equal to G$10). Each group of all candidates for that particular election is considered a "basket", each basket is worth G$1 and contains one share of each possible outcome; the basket will include a "rest of field candidate" representing all other possibilities not included in those named.

 

Five shares of the initial endowment will be automatically invested on behalf of you by the markets into the election by creation of a random computer generated set of "buy" and "sell" orders based on the current market view at the time of joining that particular election.  "Buy" orders will be placed in at a discount of 90% times the current market view and "Sell" orders will be placed in at a premium of 1.10% the current market view.  So you are still buying low and selling high. Any existing orders in that election that match the random orders generated will be automatically matched and be credit/debited to your portfolio, any unmatched orders will be held for 24 hours before they can be cancelled by you.

 

This process will occur each time you join and election. You will be able to get additional grants of twenty (20) GEM Dollars plus G$10 worth of outcomes for each election event that you select only after you have selected to "join this election". The maximum grant of GEM Dollars for a single Election Event is twenty (20) GEM Dollars G$20 plus G$10 worth of shares. The maximum grant of GEM Dollars for the contest will be thirty GEM Dollars multiplied by the number of Election Events held during the contest (including Election Events that have not been decided by the end of the Promotion Period).

 

 

Participant Ranking

Your portfolio is valued at the end of each trading day based on the value of the cash in term of G$ and the value of the shares in your portfolio. The value of the shares in your portfolio is determined by the market price in G$ of those shares. The market price will be the value of the share in the last executed trade. While no trades have been executed in that share, the share value is assumed to be 0.

 

The total value of your portfolio, your "net worth", provides your Ranking relative to other participants. At the end of each trading day GEM will rank order participant and publish the screen names of the top 10 participants in a leader board. In addition you will be able to visualize your own rank in your account information. Only you will see your own rank, although if you are in the top 10 trading list your screen name will appear in the leader board rankings.

Rankings will also separately be provided for the University contest.

 

Auction and Sweepstakes Prizes

The prize schedule is published here.

To win a prize you must be an Eligible Sweepstakes Participant. To determine whether you are an eligible Contest and/or Sweepstakes Participant please read the Rules for participating in the GEM contest and the sweepstakes.

If you are an Eligible Sweepstakes Participant there is a separate simple registration process that enables GEM to validate your eligibility and record you as a GEM Eligible Sweepstakes Participant

Sweepstakes Prizes

Users will be able to redeem their virtual GEM dollars for entries into the GEM sweepstakes. Each GEM dollar can be redeemed for one entry into the sweepstakes for the month in which the redemption is made. Beginning August 1, 2008 users can start redeeming GEM dollars in their account for entries into a sweepstakes each month for the drawing of $1,000 at the end of the month. This sweepstakes program will continue through 31 December, 2008. Each month during that period, GEM will have a random computer drawing among all the entries made for that month for $1,000. Once a user redeems their virtual GEM dollars for entries into the sweepstakes, their cash account will be deducted accordingly on a one-to-one basis and that amount transferred to a sweepstake redemption account. The sweepstakes redemption accounts will indicate the month in which the entries were made and after the monthly drawing the entries for that month will not be useable for future months.

Auction Prizes

Users will be able to bid on Auction items every month using their virtual GEM Dollars. Users will only be able to bid with available GEM dollars in their "cash" account. The highest bidder will win the auction item or cash equivalent. The amount bid by the winner of the auction will be deducted from the winner's cash account upon completion of the auction.

University League Competition

GEM university league competition is a chance for universities to compete against each other for bragging rights as the university team with the most astute political acumen. GEM university league competition will be eligible to participants who indicate that they are students, faculty, alumni, and/or administrative members of the university ("the University Team") at registration. A valid ".edu" or corresponding university email account will need to be used when registering to play as part of the University Team. The email address used will be linked to the corresponding University to which the email domain belongs. Account holders not registering with a valid university account will not be registered as part of the University Team. In order for a University Team to be officially entered into the University League, there will need to be at least five (5) unique participants from that university registered to play.