Under the terms of the agreement, ISWI's SportXction(R) play-by-play sports betting system will be incorporated into Sunderlands' website, www.sunderlands.eu as well as into several other related European and Asian websites through Sunderlands' joint venture agreements. The system is expected to launch later this year.
Sunderlands does not currently offer its customers any in-run wagering, i.e. wagering during a sporting event. The agreement calls for GIG to be Sunderlands' primary in-run betting provider.
The agreement will provide GIG with an upfront fee as well as a share of the monthly wagering revenue. GIG's revenue share will be subject to certain monthly minimum fees. GIG will furnish the technology and operate the system, while Sunderlands will be responsible for promoting the product through a series of marketing initiatives. Sunderlands will also be responsible for providing first level customer support and processing customer financial transactions. In addition, Sunderlands has agreed that the SportXction(R) system will not be used to accept bets from anyone in the U.S.
According to
The agreement between Sunderlands and GIG is for an initial 18-month term. The plan is that the initial implementation for Sunderlands will consist of an enhanced version of the Company's stand-alone product, which will require the customer to log in only once. It is the intention of both parties to migrate to the Company's integrated version of SportXction(R) product after certain technology changes are implemented in Sunderlands' back-end system.
About Interactive Systems Worldwide, Inc.
Interactive Systems Worldwide, Inc. (OTC Bulletin Board: ISWI.OB) has designed, developed and patented a proprietary software system, the SportXction System, which enables play-by-play wagering during the course of live sporting events. ISWI, through its wholly owned subsidiary Global Interactive Gaming (GIG), operates the SportXction(R) System in the U.K., in conjunction with established media and traditional wagering partners. The system can accept wagers from the Internet, handheld wireless devices, interactive televisions, and standalone kiosks. GIG currently operates the SportXction(R) System for soccer, cricket, golf, rugby union, tennis, football, basketball, snooker, and darts. The system can be used for any live broadcast event worldwide.
About Sunderlands
Sunderlands Bookmakers were founded in 1946. The business has grown from
an on-course and telephone betting operation, to one of
Contacts: Interactive Systems Worldwide, Inc. Bernard Albanese Chief Executive Officer Phone: 973-256-8181 ext 27
FORWARD-LOOKING STATEMENTS: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof. Readers should carefully review the risks described in other documents the company files from time to time with the Securities and Exchange Commission, including Annual Reports, Quarterly Reports and Current Reports on Form 8-K.
SOURCE Interactive Systems Worldwide, Inc.