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Intrade
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Joined: September 04, 2007 14:01:01 UTC
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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.

Unfortunately this means that all US residents must begin the process of closing down their Intrade accounts. We strongly urge you to begin this process immediately:

Step 1: Close out open predictions

You must close out all open predictions before 8:00am GMT (3:00am ET) on December 23, 2012. Instructions on how to close out an open prediction can be found HERE.

If this is not done then 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.

Fair market value will be determined using current and historical price information, including daily close prices and recent trades. Values will be set at the absolute discretion of Intrade and will not be open for review, discussion or argument – our determination of fair market value is final.


Step 2: Withdraw funds

Please note, no customers will be charged the $4.99 monthly fee due on December 1, 2012.

Members have until December 31, 2012, to withdraw all funds from their account. Instructions on how to request a withdrawal can be found HERE.

To help you receive your funds as quickly and easily as possible, the $20 fee normally charged by Intrade for processing a bank wire withdrawal will be waived. Please be aware however that any fees charged by the sending and receiving bank, plus any intermediary bank the transfer is routed through will NOT be refunded by Intrade.


We understand this announcement may come as a surprise and a disappointment to our US customers, but this in no way signals the end of Intrade in the US. In the near future we’ll announce plans for a new exchange model that will allow legal participation from all jurisdictions – including the US. We believe this new model will further enhance Intrade position as the leading prediction market platform for real time probabilities about future events. We would like to sincerely thank our US customers for their custom, support and loyalty over the years.

For our non-US customers, we will continue to offer real-money prediction markets. In the coming weeks and months we plan to implement a number of improvements to the Intrade website. These include expanding our market categories to include sports, adding more convenient funding options and a new and improved trading interface. We’ll keep you posted on these initiatives as they develop.

This message was edited 2 times. Last update was at January 31, 2013 14:40:29 UTC

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CALIFORNIA
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Joined: October 26, 2007 20:20:54 UTC
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WOW!!!
ammoniad
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Joined: June 12, 2011 22:26:57 UTC
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Holy crap... shutting down the ENTIRE EXCHANGE to US members?!?!?

Whoa... well, I guess it was a nice ride while it lasted.
Domer
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Joined: October 25, 2007 07:13:37 UTC
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What's the approximate timeline on re-entry to the US?

6 months?
1 year?
2 years?
nmr123321
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Joined: February 10, 2012 03:42:32 UTC
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wow, i'm a Canadian but how is this not gonna destroy Intrade altogether? How much of the money here is traded by Americans?
ammoniad
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It sounded to me like what Intrade will try to open for U.S. members won't be real-money... and if that's the case, Intrade, don't even bother.

nmr123321 wrote: wow, i'm a Canadian but how is this not gonna destroy Intrade altogether? How much of the money here is traded by Americans?
Ding ding ding. Given the overwhelmingly U.S.-centric nature of Intrade, if U.S. residents can't use real money, I hate to say this, but I think Intrade as a whole is dead. There just isn't enough non-U.S. traffic. Which means the only hope for Intrade as a company is if the U.S. government explicitly allows real-money trading for markets like elections.

I'm going to start thinking about how I can start making noise pushing for this.

This message was edited 1 time. Last update was at November 26, 2012 21:14:33 UTC

Ingen Angiven
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Joined: June 16, 2011 06:34:58 UTC
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Intrade, do you have a U.S. lobbying wing? Can you hire someone to be a point person on getting Congress to officially authorize this?
WashingtonTrader
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Joined: March 14, 2012 04:40:00 UTC
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.

This message was edited 1 time. Last update was at December 23, 2012 16:08:17 UTC

Ingen Angiven
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Ask Nate Silver for lobbying help.
nmr123321
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Joined: February 10, 2012 03:42:32 UTC
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ammoniad wrote: It sounded to me like what Intrade will try to open for U.S. members won't be real-money... and if that's the case, Intrade, don't even bother.

nmr123321 wrote: wow, i'm a Canadian but how is this not gonna destroy Intrade altogether? How much of the money here is traded by Americans?
Ding ding ding. Given the overwhelmingly U.S.-centric nature of Intrade, if U.S. residents can't use real money, I hate to say this, but I think Intrade as a whole is dead. There just isn't enough non-U.S. traffic. Which means the only hope for Intrade as a company is if the U.S. government explicitly allows real-money trading for markets like elections.

I'm going to start thinking about how I can start making noise pushing for this.



this would seem to suggest otherwise.

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.

This message was edited 1 time. Last update was at November 26, 2012 21:18:31 UTC

ammoniad
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Huh?
"Intrade can no longer allow US residents to participate in our real-money prediction markets" sounds to me like whatever they do end up rolling out for U.S. members won't be real money... in which case, nobody will care.

Am I misunderstanding something?
Domer
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WashingtonTrader wrote: don't even know how to begin trying to unload some large positions, might be better off taking whatever gains and losses intrade gives on the 23rd.


Yeah it will be impossible for me to unwind my Oscar bets right now. Impossible.

And how will they expire the contracts if one party is a US member and the other is not?

When Matchbook exited the US marketplace, they let existing bets stand and paid them out over time.

In light of how big that market has already become, I would urge Intrade to consider extending that date out a couple months.

This message was edited 1 time. Last update was at November 26, 2012 21:22:54 UTC

JohnJacobs
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Joined: January 20, 2012 00:49:38 UTC
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Intrade just decided that they'd rather be betfair - they've gained enough notoriety and their technology is superior so should be able to compete by attracting non-Americans now. Good for them.
Domer
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JohnJacobs wrote: Intrade just decided that they'd rather be betfair - they've gained enough notoriety and their technology is superior so should be able to compete by attracting non-Americans now. Good for them.


Also far cheaper to use than Betfair.
nmr123321
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Joined: February 10, 2012 03:42:32 UTC
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ammoniad wrote: Huh?
"Intrade can no longer allow US residents to participate in our real-money prediction markets" sounds to me like whatever they do end up rolling out for U.S. members won't be real money... in which case, nobody will care.

Am I misunderstanding something?




I meant that the new model that they're (allegedly) coming up with for US customers won't just be for play money, because it looks like Americans can already do that even after closing their real money accounts.

This message was edited 1 time. Last update was at November 26, 2012 21:25:41 UTC

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