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American Wagering Reorganization Plans Confirmed

1 March 2005

LAS VEGAS – (PRESS RELEASE) -- American Wagering, Inc. (OTC Bulletin Board: BETMQ) ("AWI" or the "Company") today announced that the United States Bankruptcy Court for the District of Nevada (the "Bankruptcy Court") confirmed the Restated Amended Joint Plan of Reorganization (the "Plan") of AWI and its wholly owned subsidiary Leroy's Horse & Sports Place, Inc. ("Leroy's").

AWI and Leroy's expect to emerge from bankruptcy on or about March 11, 2005 (the "Effective Date"). Subsequently, AWI and Leroy's shall continue to operate as going concerns, all AWI common shareholders will retain their stock ownership in the Company, and the AWI common stock shall continue to trade on the OTC Bulletin Board.

In addition, all creditors, with the exception of Las Vegas Gaming, Inc. ("LVGI") and Michael Racusin dba M. Racusin & Co. ("Racusin"), will be paid 100% of their approved claim plus interest at the Federal Judgment Rate immediately following the Effective Date; LVGI and Racusin will be paid pursuant to the settlement agreements executed by the parties.

Victor Salerno, CEO of AWI, said, "We are extremely pleased to finally be nearing the end of this long process. Fending off hostile take-over attempts proved to dramatically extend the timeline for emergence and increase the reorganization expenses charged to the Company. We will continue to execute our strategic plans based on our core competencies of operating race and sports related businesses. We are confident in our ability to implement this strategy and return the Company to its position as one of the best companies in the race and sports industry."

Mr. Salerno continued, "On behalf of the board of directors and management, I would like to extend my gratitude to our employees for their hard work and dedication, and to our customers, vendors, lenders and advisors for their support during this process."

In addition to Leroy's, AWI also owns and operates Computerized Booking Systems, Inc., the dominant supplier of sports wagering hardware/software in Nevada, and AWI Manufacturing, Inc., a Nevada Gaming Commission licensed manufacturer/distributor and supplier of race and sports self-service wagering kiosks.

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