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Autotote Receives Letter of Intent From Turkey for New Alpha Eclipse System

24 July 2000

NEW YORK,New York--(Press Release)--July 24,2000-- AUTOTOTE CORPORATION (Amex: TTE - news) today announced that it has received a letter of intent to enter into a contract worth over $21 million with the Turkey Jockey Klub (TJK) of Istanbul.

The pending contract will provide for the sale of a fully integrated Alpha central computer system featuring the Company's Eclipse(TM) software together with 2,600 MAX300O(TM), STAN(TM) and Walkabout terminals and the related network communications equipment.

The contract will also provide for ongoing maintenance and support services by Autotote for ten years. The sale price of the system is expected to exceed $11 million, while revenues under the ten- year service contract are expected to amount to approximately $10 million.

The entire transaction is subject to execution of a definitive contract, which Autotote anticipates should be signed within a month. Elements of the system are expected to become operational by October 31, 2000.

Lorne Weil, Chairman and CEO of Autotote, commented, ``Turkey's pari-mutuel network ranks with Europe's largest, with six tracks and 1,200 agencies already in place and plans to add another 500 agencies as soon as the new system and terminals are installed. Autotote's totalizator system was selected through a highly competitive international bidding process in which a number of the world's most prominent tote companies participated."

Mr. Weil continued, "TJK's goal to upgrade its existing system by adding the capability for account wagering through telephone, interactive TV, Internet and wireless applications -- all of which are made possible by our Eclipse(TM) software -- was an important factor in its decision to select Autotote. TJK's ambitious expansion plans also call for adding two more tracks and reaching 2,200 agencies in the next two years.''

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