1005214--5/4/2009--AMERICAN_WAGERING

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{regulation, change, law}

{product, market, service}

{control, financial, internal}

{financial, litigation, operation}

{loss, insurance, financial}

{condition, economic, financial}

{property, intellectual, protect}

{debt, indebtedness, cash}

{personnel, key, retain}

{competitive, industry, competition}

{stock, price, operating}

Cautionary Statements Regarding Future Results, Forward-Looking Statements and Other Important Factors Current Economic Recession Will Likely Adversely Affect Our Results of Operations Liquidity If we are Unable to Raise Additional Capital in the Near Term, we may be Unable to Satisfy our Obligations as they Become Due Risk of Loss due to Racusin Litigation We Have Had a History of Significant Losses and We May Incur Additional Losses in the Future We Are Subject to Potential Fluctuations in Results We Are Subject to Intense Competition Demand for Our Products and Services is Subject to Continued Acceptance of our Products and Services We Are Subject to Strict Regulation by Gaming Authorities The Gaming Industry may be Adversely Affected by Federal Legislation and Tax Laws An Adverse Change Affecting the Gaming Industry, Such as a Change in Gaming Regulations or a Decrease in the Rate of Growth and Popularity of Casino Gaming, Particularly Those Casinos with Race and Sports Wagering, Will Negatively Impact Our Profitability and Our Potential for Growth Staffing Reductions and Internal Controls Due to our Staff Reductions and reduced Hours Worked, Particularly in the Accounting Department, we may Experience Deficiencies in Disclosure Controls and Internal Controls Over Financial Reporting, Leading to a Material Weakness and Non-Compliance with the Sarbanes-Oxley Act of 2002 We Are Largely Dependent on Current Management Future Revenue Growth Depends on Our Ability to Improve the Effectiveness and Breadth of Our Sales Organization We Have the Authority to Issue Additional Equity Securities, Which Would Lead to Dilution of Our Issued and Outstanding Common Stock We May Not be Able to Protect Our Proprietary Rights and May Incur Significant Costs Attempting to do So The Market for Our Common Stock is Limited Our Common Stock is Considered a "Penny Stock" and, as such, the Market for Our Common Stock May be Further Limited by Certain SEC Rules The Trading Price of Our Common Stock is Volatile and Could Decline Substantially We do not Intend to Pay Cash Dividends. As a Result, Stockholders will Benefit from an Investment in Our Common Stock Only if it Appreciates in Value We May Not Receive an Unqualified Opinion From Our Auditors With Respect to the Assessment of Our Internal Controls Over Financial Reporting That is Required by Section 404 of the Sarbanes-Oxley Act Of 2002, and We Will Incur Additional Costs in That Process Litigation May Subject Us to Significant Expenses and Liability

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1005214--5/4/2009--AMERICAN_WAGERING_INC