My new pick ISWI imo. things could heat up in the next month!International Sports Wagering Inc. Announces Approval ForLive Trial of First Remote PC Wagering System in Nevada
LITTLE FALLS, N.J., May 13 /PRNewswire/ -- International Sports Wagering Inc. (Nasdaq: ISWI) announced today that it received approval from the Nevada Gaming Control Board to begin a live money trial of the Company's newest version of its SportXction(TM) wagering system. This version will allow players to make wagers from PCs linked via telephone lines from remote (non-casino) locations anywhere throughout the state of Nevada. The system will accept both traditional pre-game wagers as well as play-by-play wagers made during the course of a sporting event. This is currently the only system approved for a live money trial by Nevada Gaming Authorities that allows players to place sports wagers from PCs at remote sites.
This version of the SportXction(TM) system, covered by granted and pending patents, will verify that the location from which the wager was placed was in Nevada, a requirement for being able to wager via computer outside a casino in that state starting March 1, 1999. This verification utilizes a closed loop network that is accessible only in Nevada, and the RAVE(TM) verification technology, developed by Alliance Gaming Corporation (Nasdaq: ALLY). On December 14, 1998, ISWI and Alliance signed a seven year agreement giving ISWI the exclusive license to use RAVE(TM) in Nevada.
"We believe that having the first and only remote site PC-based wagering system in Nevada will present us with an outstanding business opportunity," said Barry Mindes, ISWI's Chairman. "It took five years of development by us, two by Alliance, and seven months of investigation, scrutiny and evaluation by the Nevada Gaming Control Board to insure that the system meets all appertaining state and federal laws and regulations," Mindes continued. "We believe that we have a tremendous head start on any potential competition in this new, emerging market. The system provides a legal venue for on-line, non-casino wagering, in a regulated environment, in which the player is assured fair treatment and payment of winnings."
ISWI is in discussions with several Nevada sports books to jointly market this product in Nevada. The sports books will sign up patrons, allowing them to establish accounts, deposit and withdraw funds. ISWI will operate the centralized system, running consolidated wagering pools across the many participating sports books. ISWI will provide the sports books with a share of the revenue. Because of the high costs currently associated with providing a telephone wagering capability, many sports books do not offer the service, or impose high wagering minimums. The Company believes that PC wagering, through automation, will lower costs, eliminating the need for large wagering minimums, and increase convenience. This could lead to significant PC wagering volumes. Nevada sports betting volume is currently over $2.4 billion per year.
ISWI has developed a patented, real-time, networked system, called SportXction(TM), which allows a player to make traditional pre-game sports wagers and wager on a sporting event while the event is in progress. Wagering may be conducted while viewing a television broadcast of a sporting event. The wagers offered are mostly oriented to short-term plays, i.e. is the next play a run or a pass, is the next pitch a ball or a strike, does the shooter make two foul shots, and many more, including parlays, in most sports. The wagers have odds associated with them which relate to the probable outcome of the proposition being wagered upon, and the odds are adjusted in real time by proprietary artificial intelligence software to reflect player sentiment, as derived from the betting patterns. This game is in live wagering play in Nevada.
SportXction(TM) can also be used legally throughout the country as a contest for prizes, as long as the players have no financial risk, and for real money wagering in much of the world. ISWI believes that a significant market for ISWI Internet products exists in foreign venues, where such wagering is legal. The Company is currently pursuing several potential foreign opportunities, which do not include accepting wagers from the USA, where it is illegal.
This press release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including but not limited to whether adaptation of the System for wagering via telephone or computer in Nevada, or for use in contests or in foreign countries will result in a marketable product; whether the System will receive final approval for its use by the Nevada Gaming Authorities, and whether competitive products will seek and obtain approval by the Nevada Gaining Authorities. Investors are cautioned that these statements involve risk and uncertainties. Additional risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission, including its Form 1O-QSB for the quarter ended March 31, 1999 and its Form 10-KSB for the year ended September 30, 1998, and its Registration Statement relating to its initial public offering.
SOURCE International Sports Wagering Inc.
CO: International Sports Wagering Inc.
ST: New Jersey
IN: CNO MLM
SU: PDT
05/13/99 09:51 EDT prnewswire.com
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