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Amercian Wagering Stock Plummets

24 December 2000

LAS VEGAS -- Dec. 24, 2000 -- As reported by the Las Vegas Review-Journal: "American Wagering Chief Executive Officer Vic Salerno has watched his company's stock share price drop from $15.38 to 23 cents in 10 months.

"Yet he said he's not discouraged for the future of his business, which operates 47 Leroy's Horse and Sports Place sports book locations in Nevada.

"...But an industry observer said the future may not be so bright for American Wagering, a company that was `way overvalued' in February because of its Internet sportsbook operation, Megasports Australia.

"...Salerno said he hopes to sell Megasports Australia next week to comply with an order by Nevada gaming regulators to divest the operation.

"...The order for American Wagering to divest itself of Megasports stemmed from an undercover Nevada Gaming Control Board agent who was able to illegally place bets through the Web site.

"...In August, American Wagering was delisted from the Nasdaq National Market because its stock had dropped below the minimum bid price of $5 per share, a Nasdaq spokesman said at the time.

"Since Sept. 8, the stock has remained below $1 per share, trading on the over-the-counter Bulletin Board exchange..."

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