Tradesports is shutting down

http://www.tradesports.com/

In those days when TS and Intrade exist as a single entity, TS seems far more profitable then the Intrade markets and now TS is shutting down?! --- Leaving Intrade... all alone?

Tough times ahead? Or a move for further expansion or something??

My guess, and this is just speculation, is that Intrade is strategically positioning itself to formally re-enter the US market. They want to be a "prediction market" not a gambling site. In other words, they want to be fully legal, not exist in the gray area they do now. Having a sister site where people can bet on sports undermines this.

It makes a lot of sense, too. There are plenty of places to bet on sports, and even to trade sports on exchanges. There's only one place to trade politics, economics, current events, etc. with high volume: intrade. If they play their cards right, they could one day be seen in the same way as the NYSE or CMEX.

I hope that JohnRemington's supposition is on target. It would be nice to have Mr. Delaney chime in on this as soon as he is comfortable making public comment. I do hope that Intrade is on solid ground into the forseeable future. I have noted that the exchange has gotten increasingly regular mention in the American media as a gauge of likelihood for ongoing events. That can only help if they are again trying to get the CFTC to recognize them.

Chris Masse at Midas Oracle chimed in about the future of Intrade: http://www.midasoracle.org/2008/11/19/tradesports-viability-intrade/

MoneyMetalBets wrote: Chris Masse at Midas Oracle chimed in about the future of Intrade: http://www.midasoracle.org/2008/11/19/tradesports-viability-intrade/

This does not look good...

After the demise of TradeSports, questions (re-)surface about the viability of InTrade.
Chris F. Masse November 19th, 2008

My post about the sudden closure of TradeSports was the #2 most downloaded webpages, yesterday —even though that post was published late yesterday. And this morning, I am receiving tons of e-mails from the InTrade and TradeSports traders (they are often the same people).

My reasoning:

1.InTrade is the twin site of TradeSports.

2.The closure of TradeSports was sudden.

3.The TradeSports owners have closed shop less than 2 months before the SuperBowl —the biggest $$$ drawer.

4.Now that the 2008 US presidential elections are over, the InTrade heyday is over. No more liquidity. No more media coverage. See you in 2010 and 2012.

5.If TradeSports couldn’t survive the Unlawful Internet Gambling Enforcement Act of 2006, I don’t see how a lean InTrade could do.

6.InTrade CEO John Delaney is not a truthful person. It is unlikely that any statement from him about the viability of InTrade should be taken seriously.

7.Midas Oracle used to received many daily server requests from the InTrade-TradeSports team in Ireland. The recent web stats show a sudden drop. This might signal that some key employees are in vacation —or have been laid off.

TAKEAWAY:
The InTrade traders should prepare themselves for the worse —the sudden closure of InTrade.

I hope he is not serious.. Well, just wait for Intrade to announce their intentions..

A Future on Intrade’s Future

Both myself and the Intrade team are fully prepared for developing our business in 2009 and beyond irrespective of the funny conspiracies to the contrary. But partly thanks to same and indeed the questions from you our members it gave me an idea for some new markets – event futures on Intrade’s future.

We have accordingly listed 4 new on whether Intrade.com will open and operational at the end of June 09, December ’09, June ’10 and December ’10.

https://www.intrade.com/index.jsp?request_operation=trade&request_type=action&selConID=659099

For transparency...
Since the end of election our volumes are down and that means that our income is down. However we do have a number of business development initiatives that been on paralyzed while we were in full sprint mode up to the election. We now have the time to focus on these. While it may seem perverse, 4 out of 5 of the senior team are glad the election is over for this same reason.

The closure of TradeSports is a good for Intrade as for too long the legacy association of Intrade to TradeSports has been a negative for Intrade for reasons that have been referred to above.

It has been, I'm sorry to say. My previous bank couldn't quite get it through their heads that Intrade and TradeSports were two separate enterprises. I argued with them extensively, but they had, as the bureaucracy they are, made up their minds.

I switched banks.

Good luck, I hope this move benefits the exchange greatly.

Maybe your bank couldnt recognize that fact because the checks were drawn off the same bank account wether you withdrew from TS or Intrade?

As far as the statement of the closure of TS helping intrade - maybe in theory - but how about in confidence? TS made it VERY VERY VERY simple to move your funds to Intrade upon request, but difficult to move them elsewhere. Seems like a play to me. And once again referring to Chriss Masse's site for some good reading, http://www.midasoracle.org/predictions/nkm-scandal/

I have previously discussed this "split" with John Delaney in email, and since the email was labeled "Confidential" - I will leave it as such. But there is so much more than meets the eye here.

I would not put it past the management of this site to boost the appearance of volume on their own to create a false confidence.

As a trader who used to love Tradesports (and Intrade) - I was not sad to see them go. The arrogrance of the management was disgusting.

Let them mask the real issues as they may - but this is not soley because of lack of funding.

Spin it, twist it, turn it - but when its all said and done, did you expect Intrade to say they too may be in trouble?

Todd
SportsTradingChatter.com

So I was looking around the site... Todd, you're famous. >.>
I think 04/05 was the best of times here..

InTrade-TradeSports to Todd Griepenburg: GO TO HELL.
Chris F. Masse February 26th, 2007

Here’s the text of the sarcastic fake newspaper article written by”drugtest”, a TradeSports-InTrade trader. This image was posted on the TradeSports-InTrade forum and was immediately taken down by the exchange management.

TS to Todd: Drop Dead!

In a stunning and unforeseen move, the management of the once-popular Irish trading site TradeSports.com has invited one of its high-volume members, Todd73NJ, to close his account after he had suggested several ways to improve the site.

Although Todd’s suggestions were clearly intended to improve the trading experience for TS’s members, TEN management characterized his comments as a “diatribe” and said that they no longer intend to “be part of or facilitate” them.

Then, in a move destined to revitalize the concept of customer service, TEN suggested that Todd close his account or cease trading. Reaction in the TC chat pit to these developments ranged from astonishment to weary recognition, as some members suggested that TEN’s suggestion was a logical extension of its previously displayed management style.

One member was quoted as saying, “That’s smart, inviting Todd to leave. Who needs customers. All they do [is] complain anyway.“

So where are TradeSports members going? Is there a comparable site (0-110 pricing, etc.)?

Ark,

That is so classic. TS management blew a fit over that. I thought it was very funny and well written.

But in all seriousness - they ignored the issues for so long - and they didnt evolve as other sites did to get around the laws.

The same goes for Intrade though - ignoring so many siggestions from many members. But thats how their management works.

What I find very comical - scan the old messages here on this forum - they moved over messages from the old forum from everyone BUT me. They dont want anyone telling it how it is.

Stop past my website some time - live Java chat pit - all the old TS users are there.. lots of Intrade users too. You too Zman!

Todd
SportsTradingChatter.com

Surely now you have moved on from the blacklist to the shitlist for saying that... LOL

It is their forum and they could moderate whatever they like. Now I'm starting to see why the chat pit was closed, as more and more users were complaining, among many other things..

Both myself and the Intrade team are fully prepared for developing our business in 2009... - John Delaney

I think from this point on you can only take their word on it. Although it might be good idea to get a new team..

The truth hurts sometimes. And some places dont like to hear the truth! Tradesports and Intrade are two places like that.

There isn't another online sports trading website. It's sad. For my part I might not be sports betting anymore. I thought TS made a mistake when they got rid of the liquidity providing price break. Also when they removed the message board I was dissappointed big time.

All the same, I'm extremely sad to see them go, especially at this time of year.