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American Wagering Announces Nevada Gaming Commission Approval On Internet Gaming Settlement

28 July 2000

LAS VEGAS, Nevada (Press Release)-- July 28, 2000 -- American Wagering, Inc. (Nasdaq: BETM - news) today announced approval by the Nevada Gaming Commission on the settlement, regarding the disciplinary complaint filed against the Company relating to their MegaSports Pty, Ltd. Australian Internet gaming unit.

The Company reached the proposed settlement without admitting or denying the allegations. The Company agreed to pay a fine of $10,000 and has agreed to divest itself of any and all interests and rights pertaining to the Australian operation.

The divestiture may be accomplished by sale, spin-off or terminating the operations of the subsidiary. The time frame for the divestiture is 180 days from the date of acceptance by the Commission.

The Company has the right to request not more than three 60-day extension periods to complete the divestiture.

The Company hopes to update shareholders in the near future on the plan for divestiture

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