|America’s Interactive Systems Worldwide Incorporated (ISWI) has reported record monthly revenues from the operation of its SportXction system in the UK, which is operated by London-based subsidiary Global Interactive Gaming (GIG) Limited.|
SportXction is a real-time software system that allows players to make play-by-play wagers on sporting events. The system accepts fixed bets while punters view or listen to sporting events including soccer, baseball and cricket through television or radio.
The New Jersey firm revealed that its turnover hit four million dollars for the month of June, the largest ever recorded by GIG. It stated that this was an increase of 77 percent over the same period last year and a 66 percent increase over May’s $2.4 million.
June also saw ISWI announce record net revenues of $302,000, which saw its ‘hold’ percentage, or the total amount retained by the system after winning wagers are paid, reach 7.58 percent.
The company stated that limited cash resources remain its management's top priority and it completed $50,000 in debt financing in June through the issuance of a promissory note to help it solve an immediate, short-term liquidity issue.
Finally, ISWI revealed that the one-year employment contract of Chief Executive Officer Bernard Albanese has been extended by three months as it was due to expire at the end of June. The short-term extension was agreed to in order to allow the firm enough time to resolve liquidity issues without burdening it with additional long-term commitments. Albanese has not been paid since April although his pay is being accrued as a liability by the company at a voluntarily reduced rate of $180,000 per year.