Interactive Systems Worldwide, developer of the SportXction System, a software which enables play-by-play wagering during the course of live sporting events, reported negligible revenues and a net loss of $1.2m in the third quarter. For the nine months ended June 30, 2006, the net loss was $3.8m, down from the same priod in 2005 ($5.2m). As of June 30, the company had liquid resources totaling $3.2m.
ISWI is in the final stages of testing an enhanced version of its play-by-play wagering software, which should be deployed on the Sportingbet and Ladbrokes sites before the end of September. In addition, the company recently signed an agreement with Latin America\’s leading gaming operator Caliente to license its SportXction software and services, and receive upfront fees as well as additional ongoing license fees.
“We are optimistic that our revenues will increase significantly following the launch of the services associated with these contracts,” said Chief Executive Bernard Albanese.
ISWI is also looking to expand its marketing of several new products utilizing its core software engine. The products include a play-by-play, non-wagering prediction product; a fixed-odds/pari-mutuel hybrid racing product; and a wagering product for betting on poker players as they play live. The company believes each of these products represents a significant market opportunity and is currently in discussions with several potential customers regarding their utilization.
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