A little over a half-year after it started, Tournament.com shuts down. The site allowed players to bet on matches in a "skill-based environment" and had the exclusive rights from Valve for competitive use of Counter-Strike Source. The business model failed because the company couldn't get people through the virtual door to pony up their real cash. Hardcore gamers being fickle about what they spend their money on? Yeah, this idea was a winner from the start.
Those who currently have money on the site are asked to contact the site administrator to get it back. Although the site itself says they're "temporarily offline," it's pretty hard to imagine at this point in time how a system like Tournament.com could work. Basically, any adult who doesn't have to stand on a chair to raise their IQ knows that they'll always be beaten by the 12-year-old who stole his parents credit card and does nothing but practice all day.