Apple iSports is a pre-revenue startup developing a digital sports betting and gaming platform targeting Australia and the U.S. The company is not yet operational in either market. Its planned platform intends to offer fixed-odds sports betting, horse racing wagering (both fixed-odds and pari-mutuel), and live sports streaming. Apple iSports holds a provisional ADW license from the North Dakota Racing Commission, which would allow pari-mutuel wagering in North Dakota and roughly 20 other U.S. states, and is pursuing an online bookmaking license in Australia's Northern Territory. The company intends to generate revenue through pari-mutuel rake fees, fixed-odds bookmaking margins, advertising on its streaming channel, and technology licensing to tribal casinos and third-party gaming operators. After several years attempting to build proprietary technology, Apple iSports has shifted to outsourcing platform development to third-party vendors. The company has also entered a joint venture with AIC Enterprises to operate appleicasino.com, a crypto gaming platform with limited operations in a small number of countries — notable in that a director of Apple iSports owns 45% of AIC Enterprises. Apple iSports has faced significant execution challenges, including failed acquisitions and years of platform development delays. The company has raised roughly $3M in private placements and over $3.1M in related-party loans since inception, and has only 3 full-time employees. Its primary near-term capital pathway is a $25M equity backstop facility with LDA Capital Group.