Founded in Dublin, Ireland in 2001, Intrade gained widespread media attention as the world's leading prediction market during the 2008 and 2012 US election cycles for its accuracy in predicting the outcome of those elections.
About Prediction Markets
Prediction Markets aggregate anyone's individual predictions; expressed as "prices" from trades made through buying and selling "virtual" shares about any yes or no question, into a single data point - the probability of an outcome happening in the real world. Because the trading is incentivized by real money, Prediction Market forecasting has proven to be more accurate than traditional forecasting methodologies.
In the simplest terms, Prediction Markets collect and aggregate the "Wisdom of the Crowd".
Intrade closed its proprietary trading platform in early 2013.