iPredict crashes after SkyCity probe, ACC

Last updated 15:48 13/06/2012

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News that the auditor-general is investigating the Government's convention centre deal with SkyCity, closely followed by Ralph Stewart's hasty departure from ACC, caused prediction website iPredict to crash today.

In a statement the website said trading volumes had overwhelmed the website, which was expected to be offline until 8pm.

In recent weeks the website, owned by Victoria University but managed by corporate affairs company Exceltium, has experienced a string of performance problems, which administrators have blamed on the high numbers of new contracts being launched.

iPredict, which allows registered traders to take bets on a number of scenarios, was running contracts both on whether the auditor-general would announce an investigation into the SkyCity deal, as well as whether Ralph Stewart would leave ACC before the end of the week.

The near simultaneous announcement was enough to bring down the site. The need to re-start the server prompted the decision to bring forward the planned transfer of iPredict to a new server.

Exceltium director Matthew Hooton linked other recent problems on growing numbers of traders, which he said hit 7000 this week.

Traders which invested in stocks predicting on the daily movements of the NZX-50 and the ASX-200 would be refunded, according to a message on the company's website.

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