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American Wagering Announces Year-End Results: Trims Opersting Loss

10 June 2001

LAS VEGAS, Nevada –(Press Release) -- June 10, 2001 -- American Wagering, Inc. (OTC Bulletin Board: BETM) today announced financial results for the fiscal year ended January 31, 2001. For the full year, the Company reported net income of $464,029 or $0.04 per share as compared with a net loss of ($814,531) or ($0.20) in the previous year. Included in the net income for the fiscal year ended January 31, 2001 is a gain of $981,856 for litigation judgments and settlements.

The improved results were primarily attributed to a significant reduction in costs and expenses. Total costs and expenses, including direct costs, research and development, SG&A, depreciation and amortization, along with asset impairment provision declined approximately $1.9 million over the prior fiscal year.

Commenting on the year end results, Victor Salerno, CEO/COO and Chairman of the Board of American Wagering said, ``Over the past year, the Company has made a considerable effort to focus on the Nevada race and sports market, our core business, and to return the Company to profitability. I am very pleased to report that our efforts have reduced the Company's operating loss from over $1.5 million in 2000 to just over $200,000 in 2001.

"This has given us the strongest indication to date that our business plan is valid and bodes well for the Company achieving its goal of profitability in the next fiscal year. I am extremely proud of all our personnel. They are a talented group of individuals and the Company's strongest asset. I commend them all for their dedication and spirit in making the Company's goals a reality.''

American Wagering, Inc. owns and operates Leroy's Horse and Sports Place, a licensed bookmaker with the largest number of sports book locations in the State of Nevada; Computerized Booking Systems, the dominant supplier of sports equipment and software in Nevada and creator of Mega$ports; and AWI Keno, Inc., a licensed systems operator for inter-casino linked Keno games. The Company also owns and operates an Australian subsidiary which operates Mega$ports on the Internet.

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