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November 27, 2009

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Nevada intranet betting service suspended

Monday, May 1, 2000 | 11:05 a.m.

New Jersey-based International Sports Wagering Inc. said it's suspending its Nevada home-based sports wagering service and will search for a buyer among the state's casino operators.

The suspension came as the result of ISW's recent contract to supply its "SportXction" software system to Global Interactive Gaming Inc., which will use the system for sports wagering over the Internet. ISW said this 14-year contract could be worth up to $140 million.

"We just signed this huge international deal ... and Nevada becomes sort of a sideshow for us and it's very distracting," said Barry Mindes, chief executive of ISW. No more than two people lost their jobs in the closure, he said.

ISW's computer betting service, which could only be accessed from Nevada, offered patrons the ability to wager in real-time, even play-by-play. The service had received the approval of the Nevada Gaming Control Board.

Two Las Vegas-area casinos -- Jackie Gaughan's Plaza Hotel in downtown Las Vegas and Poker Palace in North Las Vegas -- had offered sign-up services for ISW.

Mindes said the company will now try to sell the service outright to a Nevada gaming company, or sell licenses to use the software to operators. He said he hopes to strike a deal by this fall.

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