The Glug Election Indicator performed creditably in picking the United States election result. It had George W. Bush a 56.6% chance of remaining President which translates in to a prediction of a 50.3% national vote for Bush. That was lower than the 51.1% shown by the current actual figures but substantially closer than the 49.4%prediction of Messrs Zogby and co.
If you are wondering how a 56.6% chance of winning becomes a predicted vote of 50.3%, we assume a normal distribution with a standard deviation of 1.5 percentage points. That is the standard deviation which the University of Iowa found applied to its Iowa Electronic Markets on political elections. (See So Who is the Underdog) in our Election Diary archive.
The Glug indicator, incidentally, predicted that the Liberal-National Coalition in Australia was a 77.8% chance of winning. That assumed a two party preferred vote of 51.2%. The final figure was 52.7%.