Companies Get Dealt A Winning Hand With Intrade Shutdown? Zynga Inc, Las Vegas Sands Corp., Gaming ETF

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March 12, 2013 12:36pm NYSE:BJK

online gamblingDublin wagering website announced on Sunday that it was completely shutting down. The move comes months after the company was sued by the Commodity Futures Trading Commission (CFTC) for operating an improper, off-site options exchange.

Intrade shot to popularity during the 2008 presidential election when it correctly predicted a win for President Obama. The site also allowed users to place wagers on commodity prices, Oscar races and whether or not the economy would slip into an official recession. The “big idea” was that the predictive power of a market’s collective intelligence was greater than that of any individual. The reality was that Intrade was a routine gambling market operating without U.S. oversight.

None of which matters much to the masses in the U.S., who are hardly wanting for ways to place wagers. What brings the story home is the drive to legalize online wagering sponsored by more traditional casinos.

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Related Tickers: Market Vectors Gaming ETF (NYSEARCA:BJK), Zynga Inc (NASDAQ:ZNGA), Caesars Entertainment Corp. (NASDAQ:CZR), Las Vegas Sands Corp. (NYSE:LVS).

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