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Report: Intrade Might Pay Customers Back 50 Percent At First

Company In 'Survival' Mode After Recent Shutdown

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Bloomberg has reported that online betting site Intrade, which took action on events like the presidential election, is eying a plan to refund customers 50 percent of their accounts. The site shutdown earlier this year after “financial irregularities.”

The rest of the money reportedly would be paid back if investors came in. The whole situation sounds somewhat similar to that of Full Tilt Poker.

Sources told Bloomberg that less than $2.5 million of customer funds are at risk.

The company said in March that “during the upcoming weeks, we will investigate these circumstances further and determine the necessary course of action.”

“We appreciate your custom and support over the years,” the statement added. “We are committed to reporting faithfully the status of things as they are clarified and hope you will bear with us as we do all we can to resume operations as promptly as possible.”

The development comes a few months after the Irish online betting firm was sued by the federal government over its prediction market business.

The Commodity Futures Trading Commission accused the firm of violating its “off-exchange options trading ban” and filing false forms. The government took issue with it taking action on the price of gold. Intrade was founded in 1999.