New Zealand Launches First Prediction Market

iPredict, New Zealand's first real money prediction market, launched today with a layout that looks strikingly similar to Intrade's. The site, which is run by the Victoria University of Wellington and so far only features contracts related to New Zealand politics, wasn't accepting U.S. credit cards as of this morning.

Midas Oracle reports that the New Zealand site received regulatory approval from the New Zealand Securities Commission to operate as a futures exchange under securities law. 

With its flashy design and intuitive interface, iPredict it will catch on fast. I also predict, however, that MSNBC will not be happy.  

Any predictions on the fate of prediction markets in Asia? Is Intrade looking to break into the Chinese market? Let us know in the comments.