Arias Intel Corp, a technology, media and mobile gaming platform, has entered a Letter of Intent to spin-out its SportXction technology. It said that the move will enable its shareholders to receive a pro rata share dividend in the new public company which would would attract royalty fees for the use of its technology. It added that the recent US Supreme Court ruling to allow states to legalise sports betting opens the domestic market for mobile application development using the technology.
SportXction is a proprietary, real-time interactive software system which allows a user to make play-by-play wagers on a sporting event while the event is in progress. Wagering may be conducted online while viewing a live sporting event. It accepts wagers not only on the outcome of the sporting event, but also on discrete parts of the event and on specific in-game situations for sports including soccer, football, baseball, basketball, golf, tennis, rugby, cricket, among many others.
Arias believes its technology has multiple mobile applications, but the development can be better supported as a stand-alone company to seek joint venture development partners. Wagers offered through the SportXction are primarily oriented to short-term action, for example, is the penalty kick successful, 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, points scored in a quarter, and many more.
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 to balance the betting using proprietary algorithms and artificial intelligence software to reflect user sentiment, as derived from their betting patterns.
Arias acquired the intellectual property rights and gaming software technology from Interactive Systems Worldwide, Inc, including its SportXction rights, in July 2017. The technology has been used in the US, as well as licensed in Europe, Asia and South America and has supported wagers on over 2,800 annual sporting events worldwide.