International Sports Wagering, Inc.

Ticker:	ISWI	201 Lower Notch Road
Exchange:	NASDAQ-Small Cap Market	Little Falls, New Jersey 07424
Industry:	High-Tech	(201) 256-8181

Type of Shares:	Common Shares	Filing Date:	10/29/96
U.S. Shares:	1,500,000	Offer Date:	12/11/96
Non-U.S. Shares:	0	Filing Range:	$5.00 - $7.00
Primary Shares:	1,500,000	Offer Price:	$6.00
Secondary Shares:	0	Gross Spread:	$0.60
Offering Amount:	$9,000,000	Selling:	$0.30
Expenses:	$860,000	Reallowance:	$0.10
Shares Out After:	7,524,277

Manager	Tier	Phone
Barington Capital Group, L.P.	Lead Manager	(212) 974-5722
GKN Securities	Co-manager	(212) 509-3800

Auditor: KPMG Peat Marwick
	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
		9/30/96			9/30/96
Revenue:		$0.00		Assets:	$0.90
Net Income:		-$0.98		Liabilities:	$0.19
EPS:		-$0.15		Equity:	$0.72
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

International Sports Wagering Inc. has designed and developed an interactive, proprietary, PC-based computer system that enables users to wager during the course of a sporting event. The company's SportXction-TM- Sports wagering system accepts bets not only on the outcome of a sporting event, but also, on discrete parts of the event and on specific game situations, such as will a team get a first down, will a batter get on base, or will a player make two fouls shots. The System is unique in that it permits betting while these game situations are in progress, such as between downs or pitches, permitting more frequent placing and cashing of wagers.

Use of Proceeds

The proceeds from the proposed offering will be used to purchase equipment to be used in the system, to fund the company's sales and marketing efforts, to fund further product enhancement and development, to repay the Bridge Notes, and for general corporate purposes and working capital.

Last updated: 12/29/96