Posted on 11/27/2012 4:45:37 AM PST by ExxonPatrolUs
Prediction market Intrade, which allows spectators to bet on subjects ranging from entertainment to elections, said on Monday it will no longer accept U.S. customers because of what it called legal and regulatory pressures.
Intrade, based in Dublin, Ireland, announced the decision on its website hours after the U.S. commodities regulator sued the exchange's owner, alleging it allowed unauthorized trading by U.S. customers.
U.S. customers must close their accounts and withdraw all funds by the end of the year, according to the statement.
"We understand this announcement may come as a surprise and a disappointment, and we apologize for the short notice and haste required to deal with this," Intrade said.
Intrade, like other online prediction markets, allows users to buy or sell shares that represent the likelihood of an event occurring.
(Excerpt) Read more at m.cnbc.com ...
Apparent government thought process: people are having fun, there is money in play? We’ve got to get in on that action or shut it down. A. Capone would be awed at the display of power, greed, and corruption...
The USA is looking more like Argentina every day.
Online gambling is against the law so....it makes sense.
This makes sense. Amerikans are only allowed to engage in government-sponsored gambling.
Your federal bureaucracy at work. God bless our “lord and savior”, Obama.
I guess banning trading in the commodity markets is next.
It is not as if Intrade is any worse than MFGlobal.
But does it make sense that online gambling is against the law?
Yes
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