he system operated by Global Interactive Gaming, the company's wholly owned UK subsidiary, recorded over us$ 2 million in turnover in May.
This total represents the largest monthly turnover ever recorded by GIG. It is very encouraged by this growth trend, as the turnover for April and March also showed increases over the preceding months' volume. In addition, the system's "hold" (that is, the turnover less the money returned to the players as winnings) was over us$ 80,000.
The company's revenue from its agreements under which it operates its software has historically been based upon several factors: the turnover, the hold and the contractual revenue (hold) split with its partners.
However, last May 30, the company announced that it had reached informal agreement with several of its larger partners to restructure its agreements with them, in order for the company to receive fixed or minimum monthly payments on a temporary basis. Based on these informal agreements, the company expects to invoice approximately us$ 60,000 for May, including license fees due from its agreement with Hipodromo de Agua Caliente S.A. de C.V.
Bernard Albanese, the company's CEO, stated, "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."