Irregularities shut online betting service

Intrade, the Dublin-headquartered online service that lets people bet with one another on events such as elections and the weather, has ceased trading activity, saying it is investigating possible financial irregularities.

The firm, owned by Dublin-based Trade Exchange Network, will not make payments to customers from their online accounts while the investigation is in progress, it said in a statement on its website. The service provider has closed and settled all open contracts at fair market value as of the end of Mar 10, it said.

“During the upcoming weeks, we will investigate these circumstances further and determine the necessary course of action,” Intrade said.