The developer of SportXction software, a real-time system that allows play-by-play wagers during the course of a sporting event, reported a loss of $7.3m on revenues of $162,000. The only positive remark was SportXction\’s 6% net hold since launch.
The management team at Interactive Systems Worldwide was particularly disappointed that its SportXction product in live operation in the UK has not seen a larger increase in both utilization and revenues and that its partners did not market the product to the extent necessary to achieve critical mass.
The company believes the partners perceived that by marketing SportXction they would have decreased the revenue derived from their own offerings and is now looking to implement a new technology to fully integrate the product into the partners\’ existing betting systems, keeping the user\’s interface, look and feel the same,
ISWI is in discussions with several major bookmakers regarding utilizing this new integrated approach to allow GIG, a company\’s subsidiary, to manage in-run betting propositions on their behalf. In addition, the company is developing new products for betting on poker players continually during live play, a fixed-odds/pari-mutuel hybrid and a fantasy version of its SportXction.
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