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U.S. Federal District Court Targets Intrade
11/27/2012 : INTRADE TARGETED BY US AUTHORITIES
US residents urged to close accounts and initiate withdrawal process
Dublin-based online trading exchange website Intrade is in the hot seat with a civil complaint filed in a U.S. Federal District Court against it by the U.S. Commodity Futures Trading Commission (CFTC).
According to the civil suit, it is alleged that the companies The Prediction Market Limited (Intrade) and Trade Exchange Network Limited (TEN) "solicited, accepted, and confirmed the execution of orders from U.S. customers which violated the CFTC's ban on off-exchange options trading.
Additionally, Intrade and TEN are charged with making false statements in documents filed with the CFTC, the commission said in a statement.
The online trading exchange website provides betting on the outcome of non-sports markets that cover anything from politics to finance, entertainment, transportation, legal, weather, culture or politics and is broadly described as a prediction market which proved to be a popular choice for U.S. punters during the recent 2012 presidential race.
Following news of the civil complaint, Intrade said in a post on its website that it would exit the U.S. market due to legal and regulatory pressures, urging U.S. residents to complete the process of closing down their Intrade accounts by December 23, 2012.
"If this is not done by the deadline noted above, Intrade will close out your predictions for you at what we consider to be fair market value as of the daily session close of December 23, 2012", said the statement.
Further Intrade will waive its normal $20 bank wire withdrawal fee to facilitate ease and speed of customer withdrawals on account closures.
The statement ended off saying "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. We would like to sincerely thank all US customers for their custom, support and loyalty over the years."
Intrade's income is derived from a $4.99 monthly fee, payment transaction fees and a $5 inactivity fee for accounts dormant over 18 months.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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