FURTHER PROGRESS FOR IN-GAME BETTING FIRM

18 July 2008

SportXction enjoys another good month, buy liquidity remains a problem


Global Interactive Gaming's in-game betting product SportXction continued to rack up the positive numbers in June, vindicating the faith that parent group Interactive Systems Worldwide Incorporated (ISWI) has shown in the play-by-play wager concept in sporting events.

The system accepts fixed bets while punters view or listen to sporting events through public media.

Turnover hit $4 million for the month of June, a company spokesman revealed - the largest yet recorded by the London-based GIG, and an increase of 77 percent over the same period last year, and a 66 percent increase over the month of May 2008's $2.4 million.

Record net revenues of $302 000 have also been highlighted, delivering a ‘hold’ percentage, or the total amount retained by the system after winning wagers are paid, of 7.58 percent.

Limited cash resources remain management's top priority and $50 000 in debt financing was achieved in June through the issuance of a promissory note to help the firm handle a short-term liquidity issue.

The one-year contract of ISWI's CEO Bernard Albanese has been extended by three months from end June in order to allow the firm enough time to resolve liquidity issues without burdening it with 'additional long-term commitments'. The company revealed that Albanese has not drawn a salary since April 2008, although his pay is being accrued as a liability by the company at a voluntarily reduced rate of $180 000 a year.

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