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November 1, 2014 Dublin, Ireland

In response to the recent media related to Intrade and Prediction Markets generally:
In our efforts over the past two years to properly manage the affairs of and Intrade the Prediction Market Limited we have confirmed our belief that there is no substitute for complete transparency whenever possible.

Being successful with this approach requires two threads of exposure. First, fair questions from interested parties must be answered (subject to legal considerations of course) with direct and clear responses. To this end, we have been very forthright in our answers to questions from the media and others about the recent history of Intrade, and about the circumstances that have brought us to our current state of affairs.

Second, as an additional element required for "being transparent" we feel compelled to comment about and clarify incorrect information or implication when we become aware of it. In today's environment of "immediate media", silence is often mistaken for "consent".

So, "for the record"; related to recent media about Intrade, please consider the following:


Intrade (known then as the Global Sports Exchange) was founded in 1999 by Ron Bernstein (CEO and Chairman of the Board) and John McNamara (President and Director of Trading). Ron and John owned approximately 40% of the original equity of the company.

Founding shareholders of the company include noted author Patrick Young (Capital Market Revolution) who owned 4% of the original equity and Greg Depetris who also owned 4% of the original equity), and 6 others that were essential to the initial formation and growth of the company. Please note that none of the founding shareholder group besides Ron and John was ever a full time employee of the company.

Series A investors, and later rounds of investment did include various investment luminaries over the years, but none were employees or managers of the company.


Intrade the Prediction Market Limited is currently a named co-defendant in a case brought against it by the CFTC in November 2012. The company is working very hard to resolve that case as a precursor to resuming commercial operations of a Prediction Market with a business model that is completely and unambiguously lawful and legally compliant in the jurisdictions it will operate from and offer services to.

Legal matters in Ireland:

Intrade is the plaintiff in an active case before the High Court In Ireland. We are unable to comment further about this case as an ongoing legal matter.

The Future:

We continue to believe that transparent and incentivized Prediction Markets provide the very best societal solution to interpreting, analysing and understanding the massive amounts of information available (and many times "aggressively postured") to fairly represent "what other people think" as the OBJECTIVE distillation of the Wisdom of the Crowd.

Ron Bernstein, CEO
Intrade the Prediction Market Limited

Media Inquiries: please contact

Links to Media:

Buzzfeed, Feb 20, 2014

Pacific Standard Magazine Nov 4, 2013

Fortune Magazine Oct 10, 2013

June 24, 2014 Dublin, Ireland

To All Intrade Customers,

As you are aware, Intrade the Prediction Market Limited ("Intrade") ceased offering trading services to customers via the website on March 10th, 2013.

It appears very unlikely now that Intrade will resume trading services in the way it had operated previously. For this primary reason; as well as not knowing what the future of may be (including its' corporate structure or operating business model), we are instructing all members to immediately request a full withdrawal of their remaining account balance no later than August 15th, 2014.

Please note, in order to process your withdrawal request, Irish law requires customers to provide verifiable identification of any customer we wish to send funds to in order to comply with anti-money laundering guidelines. These requirements were officially put into place on Intrade in July of 2012. More information about Ireland's anti-money laundering legislation can be found here:

After July 31st, 2014, Intrade will apply a $240 (USD two hundred forty dollars) administration fee to all remaining accounts with positive account balances. For accounts that have less than a $240 balance, the administration charge will be equal to the amount that will reduce the account balance to zero. No accounts will have a negative account balance due to the administration charge.

It is our intention to fully liquidate all remaining customer accounts by December 31, 2014.

Withdrawals may be requested via the website by logging in to your Intrade customer account. Instructions and advice for requesting withdrawals can be found on the FAQ's tab above. If you need any other assistance or have any questions about your account, please contact Intrade Account Services at by email.

Thank you for your immediate attention and your gracious support.

Ron Bernstein, CEO
Intrade the Prediction Market Limited

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