If you're a frequent flyer, then you know that — at least these days — you run about a 33% chance your flight will be delayed, and an growing possibility it might be cancelled. That's the gamble you take, not just in booking your flight, but in booking connecting flights and the rest of your leisure or business schedule.

But now, there’s a growing darker side to all of this. The prediction markets are getting into the delay and cancellation game — and yes, you can bet on whether your flight will be delayed or cancelled, or whether your airport will even be operating on particular days and times.