SportXction (finally) finds some black ink

Jul 10, 2007 6:03 AM

The company that pioneered "real time" sports betting on events as they occur said last week its system has finally begun to catch on with bettors.

But the newfound popularity has taken place in the United Kingdom, rather than in Nevada sports books, where bettors have been slow to accept the system.

In a report released last week, Interactive Systems Worldwide Inc. announced record monthly wagering volume for the fourth straight month from the operation of its SportXction system in the UK.

According to the report, the system recorded over $2.3 million in "turnover" or handle (total amount wagered) in June. This total is the largest monthly handle ever recorded, and represents a 15% increase over the turnover recorded in May.

Company officials were encouraged by this growth trend, as the turnover for May, April and March also showed increases over the preceding months’ volume.

In addition, the system’s "hold" (the amount left over after winners were paid) was over $137,000.

"We are extremely pleased with the continued growth of the system’s wagering turnover," said Bernard Albanese, the company’s CEO. "We are particularly happy with the increases in tennis wagering volume. This growth trend bodes well for the long-term future success of the product and services we provide."

The SportXction System enables play-by-play wagering during the course of live sporting events.

For instance, in a baseball game, players can bet the outcome of an inning, an individual at bat or a single pitch (ball, strike, foul, etc.).

Other bets have included the opening drive in an NFL game, which team will make the next three-pointer in an NBA contest, and who will score the next goal in a hockey game.

A similar system, Rapid Bet Live, developed by Progressive Gaming had a trial run at the Palms in Las Vegas.

The system featured individual computer terminals on which players could view the game and make their bets.

However, after several months of operation, the system was removed from the Palms in April.

Progressive Gaming hasn’t announced whether the system would appear in another Nevada sports book.