Well-known online betting site InTrade is completely shutting down trading, according to a memo posted to its site. It’s unclear if it will ever open again, as the language is rather vague.The news was first noticed by Wealth.net.
The full text of the memo is pasted below the dotted line. The memo hints at restoring services eventually, although the wording is very vague.
The Ireland-based InTrade was always controversial and popular during election season, as it allowed betters to gamble on various political outcomes (and other event-based outcomes).
Last November, the site was sued by the U.S. regulator the CFTC, and the site blocked all U.S.-based users.
The site was controversial not only because it let users trade on real events, but also how its odds were interpreted by the press, and whether or not the “prediction markets” it specialised in actually had predictive ability.
One InTrade we spoke to described themselves as “mildly panicked” as they had $700 in the site, and were unable to withdraw.
With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity on www.intrade.com.
These circumstances require immediate further investigation, and may include financial irregularities which in accordance with Irish law oblige the directors to take the following actions:
- Cease exchange trading on the website immediately.
- Settle all open positions and calculate the settled account value of all Member accounts immediately.
- Cease all banking transactions for all existing Company accounts immediately.
During the upcoming weeks, we will investigate these circumstances further and determine the necessary course of action.
To mitigate any further risk to members’ accounts, we have closed and settled all open contracts at fair market value as of the close of business on March 10, 2013, in accordance with the Terms and Conditions of our customers’ use of the website. You may view your account details and settled account balances by logging into the website.
At this time and until further notice, it is not possible to make any payments to members in accordance with their settled account balance until the investigations have concluded.
The Company will continue the maintenance and technology operations of the exchange system so that all information is preserved properly.
We are not able to provide telephone support or live help services at this time, please contact the company by email at: [email protected]
We appreciate your custom and support over the years. We are committed to reporting faithfully the status of things as they are clarified and hope you will bear with us as we do all we can to resume operations as promptly as possible.
The Board of Directors of Intrade the Prediction Market Limited
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