iPredict was jointly owned by the New Zealand Institute for the Study of Competition and Regulation and Victoria University of Wellington.

[2] iPredict's system was a prediction market that allowed members to trade contracts (take 'positions') on whether future events would or would not occur.

[7] In 2012 the website was hit by a run of technical problems, causing it to operate at greatly reduced speeds and go offline for a number of days at a time on at least two occasions.

Exceltium is a Wellington-based corporate and public affairs consultancy, majority owned by right-wing political lobbyist, Matthew Hooton.

The gaming of iPredict by National Party members was specifically noted by Nicky Hager in his book "Dirty Politics", which was released in August 2014.

[2] According to the company's website, as Associate Minister of Justice Simon Bridges declined an application from iPredict for an exemption to the Anti-Money Laundering and Countering Financing of Terrorism Act, the prediction market was no longer legally able to operate in its current form.

"[2] In a statement, Bridges said anti-money laundering legislation created obligations for businesses to check customers' identities and report suspicious transactions.

Deposit restrictions apply, but these can be circumvented by setting up multiple user accounts, as the customers' identities are not verified.