The Logbook: The story of Intrade, the defunct event predictions market

This is the story of Intrade, a prediction market platform that became one of the inspirations for the decentralized prediction market offerings we have now.

Intrade was founded in 1999 as Global Sports Exchange by brothers John and Sean McNamara. The brothers were commodities traders on the New York Board of Trade when they had the idea of a market for trading on sporting events. They would soon bring on traders Greg DePertris, Ronald Bernstein, as well as derivatives analyst Patrick Young as fellow co-founders to help build a platform offering futures markets for sporting events. Ron Bernstein would lead the firm as CEO.