U.S. residents who like to bet on the outcome of presidential elections and other national and international events have just lost a popular betting platform.
On Monday, Intrade, the Ireland-based Internet betting website, closed its online doors to Americans after U.S. regulators filed a lawsuit against the company, the New York Times noted.
The Commodity Futures Trading Commission (CFTC) is suing Intrade in a federal court, claiming that the betting website misled regulators and allowed users to purchase future contracts without proper regulatory approval.
Founded in 1999, Intrade allows investors to purchase and sell contracts that model the outcome of various events, including elections, public policy initiatives and even military actions. The website has gained a reputation for correctly guessing the outcome of some events, including the 2008 and 2012 U.S. presidential elections, in which Intrade investors bet heavily on Barack Obama.
In a statement posted on its website, Intrade said that the litigation would force U.S. residents to close their accounts with the company.