Updates from Intrade

November 12th, 2013

From a press release:

Intrade is delighted to announce that it will repay to members 100% of the funds that were provided to the Company by way of “forbearance” in April 2013. All forbearance amounts will be restored to individual member accounts and accessible no later than Monday, November 18th, 2013.

We remain grateful for the patience and support of our members (and of our shareholders) as management continues to resolve the remaining issues confronting the Company, including defending against the action taken by the CFTC in the United States. Management is firmly resolved to provide the accountability and transparency required to regain the trust of our community, as we continue to innovate and progress Prediction Markets as a business model that Intrade essentially and originally commercialised.

Intrade is resourced now with sufficient funding and an enthused staff to progress plans for the launch of a new commercial product…one which draws on the primary foundation points of Intrade, which first began in 1999 as the “Global Sports Exchange”.

And on the future of InTrade:

We are convinced it’s possible for a commercial Prediction Market (outside of sports) to incentivise a frictionless marketplace where the collective “wisdom of the crowd” can be counted on for objective, measurable, and reasonable viewpoints about the future outcome of all sorts of events… and that it will ultimately be profitable to do so…

We have not quite figured out how – yet – but we do have some new ideas (and some old ones as well), along with a tremendous amount of willpower to see what we can accomplish in this regard.

In the meantime, we are continuing to improve the Intrade trading platform – already proven able to accommodate substantial trading volumes over thousands of contracts and millions of trades – so we can embrace new opportunities when they appear…

Thank you again for your support and interest. Your feedback is always welcome.