Wednesday, April 30, 2014

Intrade Technology Revived as Fantasy Sports Website

A co-founder of the shuttered prediction market website Intrade has licensed that technology and has opened a fantasy sports website.  The New York Times story discloses how the site, Tradesports.com, is now open for public testing. 

Intrade was closed a couple of years back after US regulators accused the site of offering contracts without regulatory approval, forcing the site to withdraw from the US.  Subsequent to that, following an accounting review found irregularities in internal accounts, the site ceased operation and froze customer accounts.  This new site will leverage the trading technology utilized by the prior site.

To attempt to stay within fantasy sports skill game safe harbors, the new site will require players to trade sufficient shares across three or more different contract propositions.  The company will make money by having more money come in via entry fees than what is paid out in prizes, similar to other pay-to-play fantasy sports websites.

1 comment:

Malaysia Online Casino said...

I'm not convinced on trading sufficient shares across three or more different contract propositions and I hope this statement will elaborate for more clarifications regarding the issue.