Decodes PS3/PS4 (and now X360/XBONE with latest firmware update) controllers and outputs the separate button/direction signals for you to hook up to your gaming stuff (JAMMA, padhacks, etc.). There are Terminal Strip and 15 Pin D-Sub connector styles. These have been used in fighting game tournaments worldwide since 2013.
NOTE: There are many 15 Pin D-sub connector pinouts floating around. Here is a chart showing the disparity:
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