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American Wagering Reports Q2 Results

29 August 2005

LAS VEGAS – (PRESS RELEASE) -- American Wagering, Inc. (OTC Bulletin Board: BETM) today announced the operational results for the second quarter of the current fiscal year. Revenues for the second quarter ending July 31, 2005 increased to $6,305,357 (+14%) from the same period last year, while net income increased to $811,183 (+3,452%). The second quarter results include a significant adjustment resulting from the issuance of the Company's common stock to Michael Racusin; the adjustment includes an elimination of the "Racusin Litigation Payable" of $1,972,249, an increase in "Total Stockholders' Equity" of $1,343,625, and an increase in "Other Income" of $328,624. Racusin is appealing to the Ninth Circuit Court of Appeals the Bankruptcy Appellate Panel's decision, which allowed the issuance of common stock in satisfaction of the Company's liability to him. The Company cannot predict the outcome of the appeal.

Victor Salerno, the Company's CEO and President said, "American Wagering continues with its plans that, we believe, will create long-term value for shareholders; our priorities are to focus on existing operations and to grow through the acquisition of hotel/casino operations while managing operating expenses to ensure commensurate bottom line results. The second quarter results are indicative of our commitment to existing operations and we anticipate closing on our first hotel/casino acquisition during the first quarter of the next fiscal year, subject to approval by the Nevada gaming authorities. We remain confident in our business plans and in our ability to strengthen and diversify cash flows and to maximize long-term shareholder value."

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