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American Wagering Loses $2.1 Million Court Case18 November 2002LAS VEGAS – (Press Release) -- American Wagering, Inc. (OTC Bulletin Board: BETM) today announced that on November 14, 2002, the U.S. District Court of Nevada issued a verdict in favor of Michael Racusin, dba M. Racusin & Company ("Racusin") and against the Company in the gross amount of $2,160,000. The net amount due to Racusin, considering such factors as pre-trial interest and offsets for amounts previously paid by the Company regarding this matter, is subject to a final judgment order; it is anticipated the judgment order will be filed with the court within thirty (30) days. The court action concerned a dispute over fees allegedly owed to Racusin for introducing certain underwriters to the Company in connection with a public offering and for providing other advisory services. Given its magnitude, the verdict and anticipated judgment is material to the financial viability of the Company. At the present time, management is considering the options available to the Company in light of the verdict and anticipated judgment. |