First Harvest Corp. (OTCQB: HVST), a technology, media and mobile gaming platform with a focus on the cannabis industry, announced today that it has entered into an asset purchase agreement to acquire the intellectual property rights and gaming software from Interactive Systems Worldwide, Inc., including its SportXction® System.
The SportXction System 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. The SportXction System 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 such sports as soccer, football, baseball, basketball, golf, tennis, rugby, cricket, among many others.
The wagers offered through the SportXction System 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, 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. According to ISWI, the technology has been used in the U.S., as well as licensed in Europe, Asia and South America and has supported wagers on over 2,800 annual sporting events worldwide.
There is also a non-gambling game version of the SportXction System, which allows users to predict the outcome of events during a sporting event, casino game or other two-sided event, including fantasy sports applications. Users earn points for correct predictions, bonuses for strings of successful predictions and for correct answers to trivia questions. Users compete on the basis of their scores for a variety of in-game prizes and game-level advancements. For example, users can virtually wager on various outcomes in a football game during the game, and compete against family and friends for high-score.
"We are very excited about potential opportunities to integrate the SportXction technology into a portfolio of mobile games," said Kevin Gillespie, First Harvest's Chief Executive Officer. "Our development team is exploring ways to assimilate this technology into a line of mobile gaming apps related to our Hemp Inc game, and we believe we can create new revenue streams through licensing and sponsorship relationships."
The online gaming, or gambling, global market had a volume of $37.9 billion USD in 2015 and this figure was forecasted to increase to $59.8 billion USD in 2020, according to the Statista's 2017 Sports Betting Report (the "Report"). The Report defines online gaming to include such activities as poker, casinos (where people can play traditional casino games, like roulette or blackjack, but online), sports betting, bingo and lotteries. The market volume of online gaming was forecasted in the Report to reach $52.0 billion USD in 2018, more than doubling since 2009.
About First Harvest, Corp.
First Harvest, Corp. (OTCQB: HVST), is a technology, media and mobile gaming platform with a focus on the cannabis industry. Hemp Inc is a business strategy, role-playing game with its focus on the modern cannabis culture. The mobile game has proprietary IP and an experienced development team. CannaVoices is a member-based social media platform for subscribers to participate in an open forum with other pro-cannabis supporters in an interactive social media platform.
For more information, please visit: FirstHarvestCorp.com
