Online Betting Site Intrade Shuts Down

It says it is investigating 'financial irregularities'

   

Online Betting Site Intrade Shuts Down

roulette gambling casino bet 630 300x225 Online Betting Site Intrade Shuts DownEager Internet bettors around the world were shocked and disappointed when online wagering website Intrade abruptly shut down on Sunday.

The Ireland-based company, which permitted customers to place bets on the outcome of elections, court trials and even military actions, said that it was shuttering its service after “financial irregularities” had surfaced. The company said that customer contracts had been settled and that financial transactions through its website had been halted, the New York Times noted.

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In a statement, the company said it would continue its investigation into the irregularities, but did not indicate any other future plans.

The company’s founder, John Delaney, was killed while ascending Mount Everest in 2011. During last year’s U.S. presidential election, Intrade bettors consistently wagered that President Barack Obama would win re-election, beating the predictions of a number of seasoned American political analysts.

Intrade had raised the ire of regulators in a number of countries, including the U.S. Last year, the Commodity Futures Trading Commission sued the company, prompting it to decline bets from U.S.-based customers.


Article printed from InvestorPlace Media, http://investorplace.com/2013/03/online-betting-site-intrade-shuts-down/.

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