Posted on 11/26/2012 4:02:16 PM PST by Nachum
Intrade, the futures trading website, will no longer be available to residents of the United States as a result of “legal and regulatory pressures,” the Dublin, Ireland-based site announced Monday.
The website allows people to buy and sell shares in possible outcomes. For example, before Election Day, users could buy shares that President Barack Obama would be re-elected. Those who did were paid out for those shares when Obama defeated Mitt Romney. Users who held shares in Romney becoming president lost money on those shares.
“We are sorry to announce that due to legal and regulatory pressures, Intrade can no longer allow US residents to participate in our real-money prediction markets,” Intrade said in a Monday release.
U.S. users must quickly close their accounts and settle their bets, the site said.
(Excerpt) Read more at dailycaller.com ...
I thought the site was already illegal in the US?
How much was that “Intrade shut down in the U.S.” option trading at ?
Someone will have a work-around on this in a few hours.
/johnny
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No, you just couldn't use credit/debit cards or wire transfers to fund your account due to US banking laws; funding an account required mailing a money order (or whatever) to Ireland. So not illegal; just really inconvenient.
Yep. Sounds exactly like what’s gone on with online poker. The almighty have spoken and are quite happy to shut down freedom.
I remember when Intrade was predicting a win for Baraq and FReepers were saying it was just a bunch of Euros who didn’t understand American politics, LOL.
Land of the Free news.
Or maybe Overreaching Leviathan State attempts to enforce US law on a foreign company. Company reacts in only rational way- dumps US customers.
The ones that were good at it reproduced. We're the heirs of thousands of years of experience getting around stupid laws. ;)
/johnny
Count me among them. I probably would’ve lost several hundred dollars if Intrade had been legal for Americans. That was the only thing that kept me from buying some Mitt shares. After all, how could Michael Barone and the rest be totally wrong?
Because they didn’t factor in massive election fraud.
I wonder if Americans can still use the “play” money option. I found it to be kind of fun. Their website didn’t say and I was too lazy to put in a ticket to ask. Guess I’ll see 1/1/2013.
There is a legal betting site for US bettors at:
http://tippie.uiowa.edu/iem/
The CFTC is corrupt. This has been a shakedown by a corrupt guvmint agency that was trying to use its leverage to get bribes and favors, and Intrade said “screw you”.
One way to view this is in the context of the CFTC denying the attempt by NADEX to list political markets earlier this year. The Obama administration was trying to muscle in on the predictions industry.
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