ISW Reports Record Wagering Volumes
Published: Friday, June 08, 2007 Online-Casinos.com
INTERACTIVE SYSTEMS WORLDWIDE REPORTS RECORD WAGERING VOLUMES
Third positive consecutive monthly returns
Interactive Systems Worldwide, Inc. has announced record monthly wagering volume, for the third straight month, from the operation of its SportXction system in the UK.
The system, operated by wholly owned Global Interactive Gaming Ltd. recorded over $2.0 million in turnover (the total amount wagered) in May. This total represents the largest monthly turnover ever recorded by GIG, adding to the turnover for April and March that also showed volume increases.
The system's "hold" (turnover less the money returned to the players as winnings) was over $80 000.
GIG's revenue from its agreements has historically been based upon several factors: the turnover, the hold and the contractual revenue (hold) split with its partners. However, in May this year GIG reached informal agreement with several of its larger partners to instead receive fixed or minimum monthly payments on a temporary basis.
Based on these informal agreements, GIG expects to invoice approximately $60 000 for May, including license fees due from its agreement with Hipodromo de Agua Caliente S.A. de C.V.
GIG chief exec Bernard Albanese commented: "We are very pleased with the continued growth of the system's wagering turnover, despite the ending of English Premier League season in mid-May. In May, tennis provided the largest wagering turnover. We are looking forward to the continued strong showing in tennis throughout the summer, while awaiting the resumption of the European football (soccer) season in August. The growth shown in the system's use over the last several months validates our optimism regarding the future growth of the service being provided."
