Intrade shut down due to financial probe

[sighthound]

Intrade shut down due to financial probe
Source: CNNMoney

By Chris Isidore @CNNMoneyInvest March 11, 2013: 7:07 AM ET

NEW YORK - A notice on the site\'s home page gave few details of the probe, but said that it had halted trading on the site \"due to circumstances recently discovered\" that require further investigation and \"may include financial irregularities.\"

The site says it has closed and settled all open contracts at fair market value as of the close of business Sunday. But it said it is not possible to make any payments to members until the investigation is concluded.

The site, which allowed customers to place bets on matters such as U.S. presidential election outcomes, the weather or other upcoming events, is based in Ireland. The odds are set based on the bets made on both sides of the various predictions.

While the betters are right about some of the events they bet on, including President Obama\'s re-election last year, they are also wrong on some high-profile predictions, including setting odds at 80% that the U.S. Supreme Court would rule the health care reform act was unconstitutional.


Read more: http://www.money.cnn.com/2013/03/11/investing/intrade-shutdown/