Document:

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                                                                    Exhibit 10.1

                       INTERACTIVE SYSTEMS WORLDWIDE INC.
                           2 Andrews Drive, 2nd Floor
                             West Paterson, NJ 07424

                                                                   July 31, 2002

Citibank, N.A.
The Citibank Private Bank
120 Broadway, 2nd Floor/Zn2
New York, NY 10271

Ladies and Gentlemen:

         Reference is made to the Amended and Restated Agreement, dated March
17, 2000, among Citibank, N.A., Interactive Systems Worldwide Inc. (formerly
known as International Sports Wagering Inc.) ("ISWI"), and Global Interactive
Gaming Ltd. (formerly known as Global Interactive Gaming AG) and Global
Interactive Gaming, LLC (formerly known as Global Interactive Gaming, Inc.)
(collectively "GIG") (the "Escrow Agreement").

         All terms used in this letter and not otherwise defined herein shall
have the meanings ascribed to them in the Escrow Agreement.

         1. ISWI and GIG hereby notify you that the Escrow Agreement is hereby
terminated effective immediately.

         2. Notwithstanding any provisions of the Escrow Agreement to the
contrary, you are hereby authorized and directed to promptly take the following
actions:

                  (i) Release to ISWI the amount of $1,300,000 by wire transfer
         to ISWI's account, which amount represents the payment to ISWI from the
         Escrow Account that is due on August 15, 2002.

                  (ii) Release the balance of the Escrow Account to GIG
         (representing all accrued interest, net of Escrow Agent's expenses
         through to termination of the Escrow Agreement and transfer of funds in
         the Escrow Account, and the balance of the principal) by wire transfer
         to the account of Global Interactive Gaming Ltd. at the Account No. set
         forth on Appendix 1 hereto.

                [remainder of the page intentionally left blank]

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                                      PARTY A:

                                      Interactive Systems Worldwide Inc.

                                      By: /s/ Barry Mindes
                                         ---------------------------------------
                                      Name:  Barry Mindes
                                      Title: Chairman of the Board of Directors
                                      and Chief Executive Officer

                                      PARTY B:

                                      Global Interactive Gaming Ltd.

                                      By: /s/ Peter Sprogis
                                         ---------------------------------------
                                      Name:  Peter Sprogis
                                      Title:  Director

                                      Global Interactive Gaming LLC

                                      By: /s/ Peter Sprogis
                                         ---------------------------------------
                                      Name:  Peter Sprogis
                                      Title:  Director<PAGE>

                                                                    Exhibit 10.2

KirchSport Limited
Floor 31 Centrepoint Tower
103 New Oxford Street
London
WC1A 1DD

                                                                    29 July 2002

Dear Sirs,

Inter-company Arrangements between Global Interactive Gaming Limited ("GIG") and
KirchSport Limited ("KirchSport")

Further to our meeting on Tuesday 18 June 2002 where we discussed the terms of
the proposed sale of GIG to Interactive Systems Worldwide Inc or an affiliated
company ("ISWI"), this sale requires agreement between KirchSport and GIG on
certain inter-company arrangements as set out below.

With effect from the date that GIG is acquired by ISWI ("Closing") GIG and
KirchSport agree as follows:

1.       Subject to the terms of this agreement the letter agreement dated 20
         November 2000 concerning the sharing of certain floorspace and
         associated costs at Centre Point Tower, 103 Oxford Street, London WC1A
         1DD ("Centre Point") between GIG and KirchSport shall be terminated by
         mutual agreement and neither GIG nor KirchSport shall thereafter have
         any responsibility or liability to the other in relation thereto.

2.       GIG represents and warrants that it owns 25% of the leasehold
         improvements (including fitting out works) on the 32nd floor and hereby
         assigns these to KirchSport free of any lien charge or other liability
         or encumbrance.

3.       GIG represents and warrants that it owns 25% of the office furniture
         and related equipment located on the 32nd floor of Centre Point and
         hereby assigns all ownership rights thereto to KirchSport (with the
         exception of the items listed in Schedule A hereto), free of any lien
         charge or other liability or encumbrance.

4.       Except as set out in clauses 2, 3 and 5 hereof GIG shall (excluding any
         interest (if any) in the 32nd floor held by PiV) deliver vacant
         possession of the 32nd floor to KirchSport upon Closing.

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5.       GIG shall at its own cost and risk procure and maintain its own
         external BT lines into the telephone system and associated reception
         software housed on the 32nd floor of Centre Point ("Phone System") and
         shall be solely responsible for all charges in relation thereto. GIG
         shall be liable for 75% of all costs associated with the maintenance
         and servicing of the Phone System to be due and payable within 30 days
         of receipt of invoice. Both parties shall continue to use the Phone
         System until such time as either vacates its respective occupancy in
         Centre Point. KirchSport hereby grants to GIG the right and obligation
         to purchase the proportion of the Phone System owned by KirchSport at
         its net book value and take over all related maintenance and service
         contracts on or before the date at which KirchSport ceases to hold the
         lease of or occupy the 31st and 32nd floor of Centre Point or at such
         other date mutually agreed between the parties in writing ("Acquisition
         Date") and GIG shall thereafter on a timely basis at its sole cost
         remove the Phone System from the 31st and 32nd floors of Centre Point.
         KirchSport agrees to keep in place all necessary agreements for the
         maintenance and servicing of the Phone System for which GIG is to
         contribute 75% of the cost up to and including the Acquisition Date.

6.       GIG will cease using the Kirchsport Franking Machine.

7.       GIG will at its own cost procure and maintain its own high bandwidth
         internet lines.

8.       Other than as expressly set out herein, KirchSport may, following the
         date hereof, at its discretion terminate any maintenance, service,
         rental, insurance or other arrangement in relation to the 31st and 32nd
         floors of Centre Point without any liability to GIG whatsoever.

9.       KirchSport shall use reasonable endeavours to assign or novate the
         contracts for all mobile phones utilised by GIG employees ("Mobile
         Phones") into the name of GIG, and both parties shall cooperate in good
         faith and do all acts necessary to achieve this, provided that
         KirchSport reserves the right to terminate the contracts for the Mobile
         Phones if the assignment or novation is not completed within 30 days of
         Closing.

10.      GIG shall procure and maintain its own insurance policies and shall be
         removed from all policies held in the joint names of GIG, Prisma
         iVentures Limited and KirchSport effective from the Closing.

11.      GIG shall upon Closing pay into a bank account designated by KirchSport
         in writing the sum of US$95,000 (or the then equivalent amount in
         Pounds Stirling) in full and final settlement for all debts, loans,
         expenses or other amounts owed to KirchSport and neither party shall
         thereafter have any further obligations or indebtedness to the other.

Notwithstanding anything else contained in this agreement, KirchSport shall be
entitled to terminate this agreement forthwith upon notice without any liability
whatsoever if the Closing has not been fully and finally completed on or before
15 August 2002.

Following the Closing, GIG and Kirchsport shall from time to time execute and
deliver such additional instruments, documents, conveyances or assurances and
take such other actions as shall be reasonably necessary or otherwise reasonably
requested by the other party to confirm and assure the rights and obligations
provided for in this letter and to give effect to the intentions thereof.

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This letter agreement and its contents shall be kept confidential by both
parties except to the extent any disclosure is required by law by either GIG or
ISWI or otherwise made to ISWI. This letter agreement shall be governed by the
laws of England.

To signal your acceptance of the above please sign and date the attached copy of
this letter.

Yours sincerely
For and on behalf of                         Accepted for and on behalf of
Global Interactive Gaming Limited            KirchSport Limited

                                             /s/ Olivier Seibert and
/s/Cees Zwaard                               /s/ Michael Francombe
--------------                               --------------------------------
Cees Zwaard                                  Name(s): Oliver Seibert and
Chief Executive Officer                      Michael Francombe
                                             Date: July 29, 2002

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                                                              SCHEDULE A

                        EXCLUDED FURNITURE AND EQUIPMENT

Asset

Plasma TV at reception on the 32nd
1 x Video from the conference room on the 32nd
B&W printer currently on the 32nd floor. Printer 6
Rotel DVD player
Rancilio S27 espresso coffee maker plus bean grinder
2 x over-head lighting unit (your office)
7 x 3 draw white filing cabinets
Rexel WB650 wire document binder
Various assorted stationery plus crockery/cutlery
items
Telephone System located on the 31st and 32nd floors
of Centre Point Tower, currently utilized by GIG, PiV
and KirchSport

Canon GP 335 photocopier  - lease to be assigned

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