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BETM - Does anyone have any information on the status of the application for a gaming license in Nevada by William Hill PLC?
That approval needs to take place before William Hill PLC can aquire BETM.
GLTA
Bob
o.k. then a private company. too bad not in share thing.
The buyer needs to secure the license. The buyer is a British sports gaming company.
GLTA
Bob
so betm has the poison bones?
The caveat is that the transaction requires a Nevada Gaming License before the takeover will occur.
GLTA
Bob
i read the news item...90 cents? and no shares. not good bob.
Does anyone have any news about the status of William Hill PLC getting a Nevada gaming license and completing the acquisition of BETM?
Thanks and GLTA
Bob
BETM - To be aquired @ .90 a share if the buyer can get licensed in Nevada. Here is the news link:
News
GLTA
Bob
BETM - Company Website:
americanwagering
GLTA
Bob
Well, those of us who had patience - found that it paid-off well with this one. The offer by William Hill for American Wagering gives each holder of common stock the right to receive 90 cents per share.
http://www.lvrj.com/business/british-bookmaker-to-buy-two-nevada-sports-betting-companies-119843254.html
I think once the word gets out in general,The revenue will increase by many times. compared to the kiosk sites is hard to say but the potental is pretty big as long as you have a signal you can make a bet in nevada.
I have been watching this for awhile owning a few thousand cant hurt to much.
How much revenue (or revenue ratio) is generated from mobile betting?
5M shares of BETM sold for $0.27! Guess I'll put in some bids that low. What a deal!
Where's the volume? Seems like a solid company with huge potential - but no one appears to be paying attention. I keep picking up a few thousand shares every week or so but no momentum. Any thoughts or predictions?
BETM.. $0.30 "How to BETM"
Baseball
11:20 901 Braves Hanson +1.20 8 1/2 -1.25
902 Yankees Sabathia -1.30 +1.05
In this matchup, the Yankees are the home team. The home team is on the bottom, unless stated otherwise. The game is scheduled to start at 11:20am, the minus (-) is next to the favorite and represents the amount the player must wager to win one dollar. Example: $13 to win $10 on the Yankees. The pay back would be $10 won and the $13 you bet for a total of $23. If you choose to bet on the Braves, the underdog (+), a $10 bet would win $12. The pay back would be the $10 bet and the $12 won for a total of $22. The number to the right of the board (8 1/2) is the total (over/under) or combined total of runs scored by both teams. A player can bet over (more than 8 1/2 runs), or under (less than 8 1/2 runs). The odds on the total are expressed by a money line.
Baseball Parlays
A parlay is a wager that combines several teams into one bet. Parlays are accepted on two to eight teams. All teams must win in order to win your bet.
To figure the payoff:
Change each price into its equivalent of one dollar. (SEE CHART BELOW) Underdog prices are already in equivalent form.
Add 1 (one) to all equivalent numbers. (EX: -1.70=.59;.59 + 1 = 1.59)
Multiply your bet times all numbers involved.
Example
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Teams: Astros A's Reds
Price: -1.15 -2.10 +1.35
Equivalent: .87 .48 1.35
Add One: 1.87 1.48 2.35
Multiply: 1.87 X 1.48 X 2.35 = 6.50
$25 bet returns: $25 X 6.50 = $162.50
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Money Line Equivalent to one dollar
-1.05=.95 -1.40=.71 -1.75=.57 -2.20=.45
-1.10=.91 -1.45=.69 -1.80=.55 -2.30=.43
-1.15=.87 -1.50=.67 -1.85=.54 -2.40=.42
-1.20=.83 -1.55=.64 -1.90=.53 -2.50=.40
-1.25=.80 -1.60=.62 -1.95=.51 -2.60=.38
-1.30=.77 -1.65=.61 -2.00=.50 -2.70=.37
-1.35=.74 -1.70=.59 -2.10=.48 -2.80=.36
Boxing
2001 Pacquiao -3.50
2002 Mosley +2.70
The minus is next to the favorite and represents the amount a player must wager in order to win one dollar. A player betting on Pacquiao must lay $35 to win $10 or any multiple thereof. A player betting on Mosley would wager $10 to win $27.
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Football & Basketball
10:00 101 Broncos 47
102 Patriots -7
In the above example, the game starts at 10:00 a.m. The home team is on the bottom, unless stated otherwise. The minus is next to the favorite. The Patriots are favored by 7 points. They must win the game by more than 7 points for you to win your bet on the Patriots. If you bet on the Broncos (+7), they must win the game or lose by 6 points or less to win your bet on the Broncos. In the event that the game ended in the Patriots winning by exactly 7 points, then that would be a tie and all straight bets made on either the Patriots (-7) or the Broncos (+7) would be refunded.
The number (47) at the right is the total (over/under). You can wager that the final combined score will be more (over) or less (under) than this number.
In football and basketball, the player puts up $11 to win $10 or multiples thereof, unless stated otherwise. The payback would be the $10 won and $11 bet for a total of $21. All points scored in overtime or in sudden death are counted in the final score.
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Off the Board Parlay Prices
2 Teams 13/5 6 Teams 44/1
3 Teams 6/1 7 Teams 88/1
4 Teams 11/1 8 Teams 175/1
5 Teams 22/1
In Parlay bets, all teams must win. Ties revert to the next lowest payoff.
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Football and Basketball
Teaser Payoffs
Football
2 teams
3 teams
4 teams
5 teams
6 teams
7 teams
8 teams 6 Points
10/12
8/5
3/1
9/2
7/1
9/1
12/1 6½ Points
10/13
3/2
5/2
4/1
6/1
8/1
9/1 7 Points
10/14
7/5
2/1
7/2
5/1
7/1
8/1
Basketball
4 Points
10/11
9/5
3/1
9/2
7/1
9/1
10/1 4½ Points
10/12
8/5
5/2
4/1
6/1
8/1
9/1 5 Points
10/13
3/2
2/1
7/2
5/1
7/1
8/1
Tie or no action reduce teaser to the next lowest number of teams. In case of tie or no action on a two team teaser, wager is refunded.
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Hockey
4:30 2401 Red Wings Pick +1.30 5.5 +1.20
2402 Flyers Pick -1.50 -1.40
In the above matchup, the game starts at 4:30 p.m. The home team is at the bottom, unless stated otherwise. The minus next to the favorite, the Flyers, represents the amount a player must wager in order to win one dollar. In this example, the player must lay $15 to win $10 or any multiple thereof. If you are wagering on the Red Wings, a wager of $10 would win $13.
Total (over/under) wagers are normally available for hockey. The rules are similar to that of baseball totals.
TICKETS MAY BE CASHED BY MAIL
Winning tickets may be mailed in for payment
Send winning tickets to:
Leroy's Horse & Sports Place
P.O. Box 95098, Las Vegas, Nevada, 89193
by registered mail and enclose a self-addressed, stamped envelope.
Please check back of ticket for complete mailing instructions.
See posted House Rules for complete listing of Rules.
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Horse Racing
How to make a wager
(Provide the teller with the following information)
Track Name
Race Number
Amount
Type of Wager
Horse Number(s)
Please be sure that your ticket is correct before you leave the window. We can not correct errors once the race is closed.
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TYPES OF WAGERS:
Win (W): Your hourse must finish first, to collect the win payoff.
Place (P): Your hourse must finish either first or second, to collect the place payoff.
Show (S): Your hourse must finish either first, second, or third to collect the show payoff.
Daily Double (DD): You must select the winning horses of two consecutive races designated by the track. The track will usually designate the first two races and sometimes the last two races. Daily Double wagers must be placed before the first race involved in the wager.
Exacta (E): You select two horses in one race to finish first and second in the exact order selected. This wager is also sometimes called a perfecta.
Quinella (Q): You must select the two horses that finish first and second in either order in one race.
Trifecta (TRI): You must select the first three horses that cross the finish line in exact order in the designated race.
Superfectra (SFC): You must select the first four horses that cross the finish line in exact order.
Pick 3(PK3) / Pick 6 (PK6) / Pick 9 (PK9): You must select the winnders in a set number of consecutive races. This wager must be made before the first race involved in the wager. Some other examples: Win 4, Pick 7, & Pick 8.
Scratch Sheets: List of information needed to make a wager for a track. Each track will have a separate sheet. Some of the information included are: saddlecloth number, horse, jockey, weight, track conditions, distance and wagering format for each race.
Scrached Horse: A horse is official withdrawn from a race or officially declared a non-starter. If your horse is scratched after your wager s placed, the bet will be refunded with the exception of entry and field bets. Rules at host track will apply.
Entry Horse: Two or more horses in the same race running as a single betting unit when there is a common owner or trainer. If one of the horses is scratched, you will still have a wager.
Field Horse: Two or more horses in the same race running as a single betting unit. This results when there are more entrants than positions on the totalistor board. If one of the horses is scratched, you will still have a wager. This is also called the mutuel field.
IRS
Please note that if the proceeds of a winning wager are at least 300 times larger than the wager, the Internal Revenue Service requires the necessary information to complete the IRS form W-2G. This information is provided by the customer. If the proceeds exceed $5,000.00 and are at least 300 times larger than the wager, the Internal Revenue Service requires that 25% be withheld and the IRS form W-2G be completed before payment can be made.
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Please check your ticket for accuracy before leaving the window. Pari-Mutuel tickets, which must be cashed at purchase location (NO mail pay tickets), are valid for 120 days after the date of purchase or 30 days after the close of the racing meet whichever comes first. All other tickets are valid for 30 days from the date of the event. Rules at host track will apply to scratched horses. Winning pari-mutuel wagers are paid in accordance with official results at the track.
When the Fun Stops...
My thoughts exactly.
BETM files NT 10-Q; big loss reported
Management expects the Company to report a net loss for the three-month period ended July 31, 2010 of approximately $1,040,000 compared to a reported net income of $127,037 for the three-month period ended July 31, 2009. Management expects the Company to report a net loss for the six-month period ended July 31, 2010 of approximately $1,615,000 compared to a reported net income of $163,546 for the six-month period ended July 31, 2009.
BETM.. $0.50 Files extension..
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File Number: 000-20685
CUSIP Number: 030405104
(Check One):
o Form 10-K
o Form 20-F
o Form 11-K
x Form 10-Q
o Form N-SAR
o Form N-CSR
For Period Ended:
July 31, 2010
o Transition Report on Form 10-K
o Transition Report on Form 20-F
o Transition Report on Form 11-K
o Transition Report on Form 10-Q
o Transition Report on Form N-SAR
For the Transition Period Ended:
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
--------------------------------------------------------------------------------
PART I — REGISTRANT INFORMATION
American Wagering, Inc.
Full Name of Registrant
675 Grier Drive
Address of Principal Executive Office (Street and Number)
Las Vegas, Nevada 89119
City, State and Zip Code
PART II — RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate).
x
(a)
The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
x
(b)
The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F,11-K or Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
o
(c)
The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
PART III — NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 20-F, 11-K, 20-F, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof could not be filed within the prescribed time period.
The filing of American Wagering, Inc.’s (the “Company’s”) quarterly report on Form 10-Q for the period ended July 31, 2010 was delayed in order to permit the finalization of the Company’s financial statements and to enable the Company to complete its review of the disclosure and information required to be included in the Form 10-Q. The Company expects to file the Form 10-Q within 5 calendar days following the prescribed due date.
--------------------------------------------------------------------------------
PART IV — OTHER INFORMATION
(1)
Name and telephone number of person to contact in regard to this notification
Victor Salerno
702
735-0101
(Name)
(Area Code)
(Telephone Number)
(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
x Yes o No
(3)
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
x Yes o No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Management expects the Company to report a net loss for the three-month period ended July 31, 2010 of approximately $1,040,000 compared to a reported net income of $127,037 for the three-month period ended July 31, 2009. Management expects the Company to report a net loss for the six-month period ended July 31, 2010 of approximately $1,615,000 compared to a reported net income of $163,546 for the six-month period ended July 31, 2009.
American Wagering, Inc.
--------------------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date:
September 15, 2010
By:
/s/ Victor Salerno
Victor Salerno
President, Chief Executive Officer and
Interim Principal Accounting Officer
--------------------------------------------------------------------------------
BETM.. $0.40
It appears that reality is setting in and the rush to own of the past week is coming to an end.. I have orders in below $0.20 and expect them to fill before year end.. No Volume,, No bids.. hank
Up 216% for the day! Not a bad close I must say!
You keep posting the same thing over and over...I have read and understand that. Not changing my opinion of the news and how undervalued I see this as. But Thanks
I think it's huge news personally...not to mention the only news release put out in quite some time from them which is another great sign
guess that was pretty good news yest...forgot to watch it today
BETM..$0.60
"You said you've been in this one for 2 years, so you would know best out of anyone that the company has not diluted basically at all in well over 2 years....that's HUGE! The O/S is only around 8mil with the float around 4mil...that's peanuts. If the company wanted to, they could've financed through dilution, which they haven't. Speaks volumes to me in regards to what they wish to achieve, while maintaining shareholder value! "
------------------------------------------
You must read further.. They gave a note for 6 Day's of BLOOD MONEY... with wt's to 600,000 shares of the Company’s common stock at an exercise price of $0.22 per share. Plus they put all the Company's assets up.. Thats not dilution,, it's shareholders thieft of assets.. The note can be called... hank
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BLOOD MONEY...???
Unregistered Sale of Equity Securities.
Secured Promissory Note
On June 11, 2010, American Wagering, Inc. (the “Company”) entered into a secured promissory note in the principal amount of $195,000 (the “Note”) in favor of Alpine Advisors LLC (“Alpine”). The maturity date of the Note is June 17, 2010 (the “Maturity Date”), and the unpaid principal balance of the Note will bear interest at an annual rate of 15% through the Maturity Date. If the principal amount of this Note is not paid on the Maturity Date, the outstanding principal amount of the Note shall bear interest from the Maturity Date until paid in full at the annual rate of 22.0% and shall be payable on demand or, in the absence of a demand, weekly, on the first business day of each week.
The Company’s obligations under the Note are secured by a pledge of: (i) the Company’s equity interests in Computerized Bookmaking Systems, Inc.; (ii) all shares of stock, certificates, instruments or other documents evidencing or representing the same; and (iii) all present and future payments, proceeds, dividends, distributions, instruments, compensation, property, assets, interests and rights in connection with or related to any of the foregoing.
Warrant
In consideration of the Note, the Company issued a warrant, dated June 11, 2010 (the “Warrant”), to Alpine for the purchase of 600,000 shares of the Company’s common stock at an exercise price of $0.22 per share. The Warrant was issued in reliance on Section 4(2) and Regulation D of the Securities Act of 1933, as amended.
Subject to adjustment as provided in the Warrant, the holder of the Warrant will be entitled to acquire from the Company, in whole or in part, up to an aggregate of 600,000 fully paid and nonassessable shares of the Company’s common stock. The Warrant is exercisable, in whole or in part by the holder, at any time until 5:00 p.m., Pacific Standard Time, June 11, 2015.
The Company also granted to Alpine demand registration rights on or after June 11, 2012 and piggy-back registration rights with respect to the Company’s common stock issued or issuable to Alpine with respect to the Warrant.
----------------------------------------------
BETM .60
I respect your opinion but completely disagree. I think this is a turning point for the company and these prices are a gift.
You said you've been in this one for 2 years, so you would know best out of anyone that the company has not diluted basically at all in well over 2 years....that's HUGE! The O/S is only around 8mil with the float around 4mil...that's peanuts. If the company wanted to, they could've financed through dilution, which they haven't. Speaks volumes to me in regards to what they wish to achieve, while maintaining shareholder value!
BETM.. $0.50..
Yes I am,, If you read my post so would you.. There are all kinds of options and wt's lurking and the company runs day to day thru it's check book.. If this is approved others may use the same platform.. Once approval is given to game in Nev. it is open to all.. Besides I make a 2 sided market in the stock.. Nice pump and I thank you for that but the news was out yesterday.. Once the flash reading buyers are gone we will be back as always to the mid teen's again just as before.. Look at the old charts.. Been trading in the stock now 3 years.. ...IMO.. hank
So you're out now?
Wow....really? Ok...yes it is only for Nevada but that doesn't make this any less huge IMO.
Let's say just 5000 people use this program in the gambling capital of the world. Let's say the average "joe" loses $1000...that's $5mil right there and those numbers are ridiculously low examples IMO
Gotta look at the bigger picture here....this could be HUGE for the company and is just the beginning with other things in the works.
BETM..$0.70
Be careful to the MOMO push going around.. Read back DD on this company where it recently hocked the whole company at 20% interest for a week and gave wt's to the funder to boot.. I posted the following yesterday and thought nothing of it at the time.. I was lucky as I made sales today all the way up and it turned a rather dismal day into a nice winner,, Was long 46K at less than $0.18.. Made sales of ALL at $0.50+ AVE.. hank
-------------------------------------------
BLOOD MONEY...???
Unregistered Sale of Equity Securities.
Secured Promissory Note
On June 11, 2010, American Wagering, Inc. (the “Company”) entered into a secured promissory note in the principal amount of $195,000 (the “Note”) in favor of Alpine Advisors LLC (“Alpine”). The maturity date of the Note is June 17, 2010 (the “Maturity Date”), and the unpaid principal balance of the Note will bear interest at an annual rate of 15% through the Maturity Date. If the principal amount of this Note is not paid on the Maturity Date, the outstanding principal amount of the Note shall bear interest from the Maturity Date until paid in full at the annual rate of 22.0% and shall be payable on demand or, in the absence of a demand, weekly, on the first business day of each week.
The Company’s obligations under the Note are secured by a pledge of: (i) the Company’s equity interests in Computerized Bookmaking Systems, Inc.; (ii) all shares of stock, certificates, instruments or other documents evidencing or representing the same; and (iii) all present and future payments, proceeds, dividends, distributions, instruments, compensation, property, assets, interests and rights in connection with or related to any of the foregoing.
Warrant
In consideration of the Note, the Company issued a warrant, dated June 11, 2010 (the “Warrant”), to Alpine for the purchase of 600,000 shares of the Company’s common stock at an exercise price of $0.22 per share. The Warrant was issued in reliance on Section 4(2) and Regulation D of the Securities Act of 1933, as amended.
Subject to adjustment as provided in the Warrant, the holder of the Warrant will be entitled to acquire from the Company, in whole or in part, up to an aggregate of 600,000 fully paid and nonassessable shares of the Company’s common stock. The Warrant is exercisable, in whole or in part by the holder, at any time until 5:00 p.m., Pacific Standard Time, June 11, 2015.
The Company also granted to Alpine demand registration rights on or after June 11, 2012 and piggy-back registration rights with respect to the Company’s common stock issued or issuable to Alpine with respect to the Warrant.
----------------------------------------------
Posted by: 10 bagger
In reply to: None Date:9/1/2010 12:20:51 AM
Post #13 of 18
BETM.. $0.19
American Wagering Launches Legal Sports Betting Application for BlackBerry® Users in Nevada
American Wagering, Inc.: (OTC Bulletin Board: BETM), the North American leader in sports wagering products, announced today that its wholly owned subsidiary, LEROY'S SPORTSBOOKS (LEROY'S), launches its mobile phone sports betting application, simply named the LEROY'S® APP©, and it will be available beginning this football season for Research In Motion (RIM) BlackBerry® users to legally bet on sports anywhere in the state of Nevada on their BlackBerry® mobile phones. The LEROY'S® APP© was developed with LEROY'S® sister company, Computerized Bookmaking Systems, Inc. (CBS), and with the help of BlackBerry's Sports division.
The Nevada Gaming Control Board recently approved the LEROY'S® APP©, and it is currently available to BlackBerry® users on Sprint, AT&T, and T-Mobile, with other wireless carriers coming soon.
"The company spent more than a year planning and developing the new application," according to John English, Senior Vice President and spokesperson of the product for Las Vegas-based American Wagering, Inc. "The Nevada Gaming Control Board scrutinized the project with a very thorough lab investigation, which helped us in setting the bar for our security features. We have developed the first mobile phone betting application to be approved in Nevada. We feel strongly that the application will change the way people bet on sports. Convenience is critical in today's society," says English.
"LEROY'S® APP© will offer the same array of sports bets including, straight bets, parlays, teasers, in game betting, contests, scores, and more," stated Vic Salerno, the company's Chief Executive Officer. "We plan to unveil new, state of the art technologies in the coming months such as applications for the iPhone®, Droid®, and Windows-based mobile phones. We also plan to add our race book and unique fantasy sports features. We are making sports betting simple and fun. Everyone has a mobile phone. With the LEROY'S® APP©, if you want to place a sports bet sitting at a poker table, go ahead. No need to check out any special equipment. You are not limited to where in the casino you can make your bet. Oh, you want to go home, go back to the office, or maybe you live in Reno, Lake Tahoe, Winnemucca, or Elko; no worries, you can make your bets there too. The LEROY'S® APP© goes with you on your BlackBerry®. That is the beauty of our product. It's real mobile wagering," added Salerno.
ABOUT AMERICAN WAGERING, INC.:
American Wagering, Inc. (www.americanwagering.com) is a publicly-traded company that primarily operates through wholly-owned subsidiaries including Leroy's Horse & Sports Place, Inc. ("LEROY'S®") (www.leroys.com), Computerized Bookmaking Systems, Inc. ("CBS"), AWI Manufacturing, Inc. ("AWIM"), and AWI Gaming, Inc. ("AWIG"). LEROY'S® 'owns and operates over 58 race/sports book outlets in the state of Nevada, CBS is the dominant supplier of sports wagering hardware/software to the Nevada gaming industry, and AWIM is a Nevada Gaming Commission-licensed manufacturer/distributor and supplier of race/sports self-service wagering kiosks. AWIG is a subsidiary with the goal of becoming a market leader in operating smaller hotel/casino properties.
Safe Harbor Statement
This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; the long-term growth and prospects of our business or any jurisdiction; the duration or effects of unfavorable economic conditions which may reduce our product sales; and the long term potential of the mobile sports wagering device application market and the ability of American Wagering, Inc. to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. American Wagering, Inc.'s plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing and its ability to consummate, acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, "Risk Factors" of the Company's Form 10-K for the period ended January 31, 2010, all of which are difficult or impossible to predict accurately and many of which are beyond its control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.
Research In Motion (RIM) is authorizing the use of its trademarks in this specific press release only. RIM's limited approval is not a license, implied or otherwise, to its trademarks or any other intellectual property rights. Notwithstanding this limited approval, RIM reserves all rights with respect to its intellectual property."
Contact: John English, 1-702-735-5529
SOURCE American Wagering, Inc.
BETM app for Blackberry is only for Nevada, so price pop seems waaaaay overdone. Didn't every(smart)body who already owns it sell on the news?
BETM.. $0.40... Blackberry in thier future..???
Wednesday September 1, 2010, 6:02 am EDT
LAS VEGAS (AP) -- Getting money down on your favorite sports team is getting a little easier in Nevada with the first-ever legal wagering application for smart phones.
It won't work in the U.S. outside the Silver State -- the only place where sports gambling is legal -- but its technology is sophisticated enough to let visitors from other states conveniently place bets while they're here, even if they're not inside a casino.
American Wagering Inc. (BETM) is launching the program for BlackBerry devices in time for the start of college football and the NFL regular season. The public company, which operates nearly 60 Leroy's Horse and Sports Place sports books throughout Nevada, plans to launch new apps for iPhones, Droids, and Windows-based phones soon.
"I'm all-in on this," said Vic Salerno, American Wagering's chief executive. "We've reinvented the company entirely."
Salerno said it took 14 months to develop the application and get it approved by Nevada gambling regulators. Each version for other phone operating systems requires separate approval from the Nevada Gaming Control Board, which will scrutinize their security systems and other features.
The application requires bettors to appear at a sports book in person just once, when first creating their account with Leroy's.
That allows the company to verify a person's age and tie their account to one specific phone. When that person then logs into the system, a combination of GPS and cellular tower coordinates verify he or she is within Nevada's borders before allowing them to place a bet.
Placing bets on sports through phones isn't new in Nevada, said John English, the company's senior vice president for business development. A beeper system, affectionately known as a "wager pager," lets gamblers call in their bets and verify their position through a code sent to the beeper from a limited-range tower, he said.
Salerno and English said custom versions of the apps will likely be offered in future years to major gambling operators like Harrah's Entertainment, Inc., MGM Resorts International, Las Vegas Sands Corp. and Wynn Resorts Ltd.
An American Wagering subsidiary, Computerized Bookmaking Systems, Inc., currently supplies equipment and software for 85 percent of the race and sports books in the state.
I'm in! That's HUGE news! Nevada Gaming Approval to gambling is like FDA approval to med companies! And with an O/S of around 8 mil with no dilution in years, this could go ballistic once noticed!
BETM.. $0.19
American Wagering Launches Legal Sports Betting Application for BlackBerry® Users in Nevada
American Wagering, Inc.: (OTC Bulletin Board: BETM), the North American leader in sports wagering products, announced today that its wholly owned subsidiary, LEROY'S SPORTSBOOKS (LEROY'S), launches its mobile phone sports betting application, simply named the LEROY'S® APP©, and it will be available beginning this football season for Research In Motion (RIM) BlackBerry® users to legally bet on sports anywhere in the state of Nevada on their BlackBerry® mobile phones. The LEROY'S® APP© was developed with LEROY'S® sister company, Computerized Bookmaking Systems, Inc. (CBS), and with the help of BlackBerry's Sports division.
The Nevada Gaming Control Board recently approved the LEROY'S® APP©, and it is currently available to BlackBerry® users on Sprint, AT&T, and T-Mobile, with other wireless carriers coming soon.
"The company spent more than a year planning and developing the new application," according to John English, Senior Vice President and spokesperson of the product for Las Vegas-based American Wagering, Inc. "The Nevada Gaming Control Board scrutinized the project with a very thorough lab investigation, which helped us in setting the bar for our security features. We have developed the first mobile phone betting application to be approved in Nevada. We feel strongly that the application will change the way people bet on sports. Convenience is critical in today's society," says English.
"LEROY'S® APP© will offer the same array of sports bets including, straight bets, parlays, teasers, in game betting, contests, scores, and more," stated Vic Salerno, the company's Chief Executive Officer. "We plan to unveil new, state of the art technologies in the coming months such as applications for the iPhone®, Droid®, and Windows-based mobile phones. We also plan to add our race book and unique fantasy sports features. We are making sports betting simple and fun. Everyone has a mobile phone. With the LEROY'S® APP©, if you want to place a sports bet sitting at a poker table, go ahead. No need to check out any special equipment. You are not limited to where in the casino you can make your bet. Oh, you want to go home, go back to the office, or maybe you live in Reno, Lake Tahoe, Winnemucca, or Elko; no worries, you can make your bets there too. The LEROY'S® APP© goes with you on your BlackBerry®. That is the beauty of our product. It's real mobile wagering," added Salerno.
ABOUT AMERICAN WAGERING, INC.:
American Wagering, Inc. (www.americanwagering.com) is a publicly-traded company that primarily operates through wholly-owned subsidiaries including Leroy's Horse & Sports Place, Inc. ("LEROY'S®") (www.leroys.com), Computerized Bookmaking Systems, Inc. ("CBS"), AWI Manufacturing, Inc. ("AWIM"), and AWI Gaming, Inc. ("AWIG"). LEROY'S® 'owns and operates over 58 race/sports book outlets in the state of Nevada, CBS is the dominant supplier of sports wagering hardware/software to the Nevada gaming industry, and AWIM is a Nevada Gaming Commission-licensed manufacturer/distributor and supplier of race/sports self-service wagering kiosks. AWIG is a subsidiary with the goal of becoming a market leader in operating smaller hotel/casino properties.
Safe Harbor Statement
This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; the long-term growth and prospects of our business or any jurisdiction; the duration or effects of unfavorable economic conditions which may reduce our product sales; and the long term potential of the mobile sports wagering device application market and the ability of American Wagering, Inc. to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. American Wagering, Inc.'s plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing and its ability to consummate, acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, "Risk Factors" of the Company's Form 10-K for the period ended January 31, 2010, all of which are difficult or impossible to predict accurately and many of which are beyond its control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.
Research In Motion (RIM) is authorizing the use of its trademarks in this specific press release only. RIM's limited approval is not a license, implied or otherwise, to its trademarks or any other intellectual property rights. Notwithstanding this limited approval, RIM reserves all rights with respect to its intellectual property."
Contact: John English, 1-702-735-5529
SOURCE American Wagering, Inc.
BETM.. Termination..
Item 1.02 Termination of a Material Definitive Agreement.
Item 5.02 Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 27, 2010, to be effective August 1, 2010, American Wagering, Inc. (the “Company”) gave notice to Bruce Dewing that the Company was terminating the at-will employment relationship between Mr. Dewing and the Company’s wholly-owned subsidiary, AWI Gaming, Inc., whereby Mr. Dewing served as President of AWI Gaming, Inc. As a result of the termination, the at-will employment agreement (the “Employment Agreement”) between Mr. Dewing and the Company filed as an exhibit to the Company’s Form 10-K, as filed with the Securities and Exchange Commission on May 7, 2010, will also terminate. Pursuant to the terms of the Employment Agreement, the Company will pay Mr. Dewing three months salary as severance pay, continue to provide Mr. Dewing with medical insurance coverage through December 31, 2010, and continue to pay the remaining balance of Mr. Dewing’s accrued, but unused, paid time off. Victor Salerno, the Company’s President and Chief Executive Officer, will replace Mr. Dewing as President of AWI Gaming, Inc.
On July 27, 2010, to be effective August 1, 2010, Mr. Dewing also resigned from the Company’s Board of Directors. Mr. Dewing’s resignation from the Board of Directors was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
BETM.. $0.27 10Q Shows a loss..
BLOOD MONEY...???
Unregistered Sale of Equity Securities.
Secured Promissory Note
On June 11, 2010, American Wagering, Inc. (the “Company”) entered into a secured promissory note in the principal amount of $195,000 (the “Note”) in favor of Alpine Advisors LLC (“Alpine”). The maturity date of the Note is June 17, 2010 (the “Maturity Date”), and the unpaid principal balance of the Note will bear interest at an annual rate of 15% through the Maturity Date. If the principal amount of this Note is not paid on the Maturity Date, the outstanding principal amount of the Note shall bear interest from the Maturity Date until paid in full at the annual rate of 22.0% and shall be payable on demand or, in the absence of a demand, weekly, on the first business day of each week.
The Company’s obligations under the Note are secured by a pledge of: (i) the Company’s equity interests in Computerized Bookmaking Systems, Inc.; (ii) all shares of stock, certificates, instruments or other documents evidencing or representing the same; and (iii) all present and future payments, proceeds, dividends, distributions, instruments, compensation, property, assets, interests and rights in connection with or related to any of the foregoing.
Warrant
In consideration of the Note, the Company issued a warrant, dated June 11, 2010 (the “Warrant”), to Alpine for the purchase of 600,000 shares of the Company’s common stock at an exercise price of $0.22 per share. The Warrant was issued in reliance on Section 4(2) and Regulation D of the Securities Act of 1933, as amended.
Subject to adjustment as provided in the Warrant, the holder of the Warrant will be entitled to acquire from the Company, in whole or in part, up to an aggregate of 600,000 fully paid and nonassessable shares of the Company’s common stock. The Warrant is exercisable, in whole or in part by the holder, at any time until 5:00 p.m., Pacific Standard Time, June 11, 2015.
The Company also granted to Alpine demand registration rights on or after June 11, 2012 and piggy-back registration rights with respect to the Company’s common stock issued or issuable to Alpine with respect to the Warrant.
Management’s Discussion and Analysis or Plan of Operation.
The following discussion and analysis should be read together with our unaudited consolidated financial statements and the accompanying notes. This discussion contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements regarding our expected financial position, business and financing plans. Some of the forward-looking statements can be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “should,” “could,” “seek,” “intends,” “plans,” “estimates,” “anticipates,” or other comparable terms. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statement including those discussed herein and elsewhere in our Form 10-K for the year ended January 31, 2010, particularly under the heading “Risk Factors.” We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We do not intend, and undertake no obligation to update our forward-looking statements to reflect future events or circumstances.
Definitions. For the purposes of this report, the following terms have the following meanings:
“Company” means American Wagering, Inc. and its subsidiaries collectively.
“AWI” means American Wagering, Inc.
“AWIG” means AWI Gaming, Inc., a wholly-owned subsidiary of AWI.
“AWIM” means AWI Manufacturing, Inc., a wholly-owned subsidiary of AWI.
“CBS” means Computerized Bookmaking Systems, Inc., a wholly-owned subsidiary of AWI.
“Leroy’s” means Leroy’s Horse & Sports Place, Inc., a wholly-owned subsidiary of AWI.
“Sturgeons, LLC” means Sturgeons, LLC, a wholly-owned subsidiary of AWIG.
“Sturgeon’s” means Sturgeon’s Inn & Casino (which, as of March 1, 2006, is owned by Sturgeons, LLC).
Overview. Our primary operating strategies for the foreseeable future are to maintain and increase the profitability of our core businesses relating to the race and sports industry, improving profitability of Sturgeon’s, and developing new products.
Our core businesses are operated by the following subsidiaries which have the following strategic plans:
· Leroy’s - operating existing sports books, generating revenue from customer wagers less pay outs, adding new books where and when appropriate, and continuing to become more efficient in order to reduce expenses. We periodically review our existing Leroy’s locations in order to close those locations that are not operating efficiently. Based on our strategy, the number of race and sports books operated by Leroy’s may increase or decrease in the future, due to the closure of unprofitable locations or host properties, closures due to other factors beyond our control and/or the possible opening of new locations with greater potential for profitability. There is no assurance that Leroy’s will be able to add new locations and/or that any new locations so added will be profitable.
· CBS — developing, selling and maintaining computerized race and sports wagering systems for the gaming industry and seeking strategic international alliances with third party gaming suppliers and/or gaming operators that desire to utilize our expertise in the race and sports industry. These strategies should enable us to gain a competitive advantage by offering the gaming operator and/or the betting patron a well-rounded gaming experience, both in the United States and abroad. There is no assurance that CBS will be successful in obtaining any strategic alliances.
· AWIM — developing the self-service wagering kiosk, installing kiosks in Leroy’s locations to assist in controlling personnel costs, and marketing the kiosks to non-Leroy’s locations.
· Sturgeon’s — effectively operating the hotel/casino while periodically reviewing and modifying existing procedures and personnel alignment to increase efficiency and reduce expenses.
We have implemented, and are continuing to initiate cost cutting measures throughout the Company. In the first quarter of fiscal 2010, the Company reduced its workforce by means of staffing reductions and hour reductions in each of our subsidiaries and began to focus more on cost controls. During the remainder of fiscal 2010 and continuing though the first quarter of fiscal 2011, AWI’s corporate expenses that are allocated to Leroy’s and CBS have been reduced primarily due to reductions in administrative salaries and benefits, including accounting, decreased audit fees and outside services; which were partially offset by increases in interest expense, contributed services expense for certain executives, legal expense and insurance expenses. We will continue to evaluate and closely monitor costs, looking for additional efficiencies and improvements during at least the remainder of fiscal 2011. Subject to our cost constraints, where appropriate, we will continue to explore possible new locations for our products, including foreign jurisdictions.
During the latter part of fiscal 2008, and continuing throughout fiscal 2009 and into 2010, our local, regional and national economy has been negatively impacted due to a number of factors, including the nationwide economic recession and the subprime mortgage crisis and higher gasoline and transportation costs. Confidence in the credit market has also eroded, which resulted in a tightening of credit availability. During fiscal 2010 and continuing through the first quarter of fiscal 2011, Las Vegas has experienced higher foreclosure and unemployment rates and reduced passenger traffic at McCarran airport. The effects of higher unemployment rates, foreclosures and continued pressure on housing prices, as well as business failures and stock market volatility place added strain on consumers’ ability to make purchases, repay their loans and thus, leave less funds available for travel and leisure activities. Consumer demand for gambling, due to decreased disposable income, has declined as a result of the current economic recession. We have also experienced a change in gambling patterns of our patrons, including a trend toward more conservative bets, which tend to be less profitable to the Company. In addition, because Sturgeon’s Hotel and Casino is heavily dependent on the drive-through market, these factors have and will continue to have an adverse affect on our business. Accordingly, if the economic recession in the United States continues, it will likely continue to hurt our financial performance, due to, among other things, decreased wagering activity and a change in the types of wagers made.
Liquidity and Capital Resources.
The United States continues to experience a recession accompanied by, among other things, the BP oil spill in the Gulf of Mexico, the continued weakness in the commercial and investment banking industry resulting in reduced credit and capital financing availability, highly curtailed gaming, other recreational activities and general discretionary consumer spending, and is also engaged in war, all of which are likely to continue to have far-reaching effects on economic conditions in the country for an indeterminate period. The effects and duration of these developments and related risks and uncertainties on our future operations and cash flows, including, our principal officer’s ability to continue to provide financial support to the Company, as in the past, and other access to capital or credit financing, cannot be estimated at this time but may likely be significant.
As of April 30, 2010, we had working capital of $428,920 compared to working capital deficit of ($227,706) at April 30, 2009. (Also see Restricted Cash Requirements (Regulation 22.040.)) The increase in working capital is primarily due to positive operating performance in fiscal year 2010 combined with the restructuring of debt commitments from our Chief Executive Officer, and the timing of and increases in future bets and unpaid winning tickets.
Our principal cash requirements relate primarily to operation activities associated with our core businesses. For the first quarter of fiscal 2011, cash used in operating activities totaled approximately $803,577 as compared to $1,355,335 for the same quarter of fiscal 2010 which is primarily due to the timing of wagers placed on the Super Bowl. In addition to “playing unlucky” which had a significant negative effect on the current quarter as explained below under Results of Operations, the reduction of accrued expenses, customer deposits and unpaid winning tickets (as a result of the timing of bets placed on the Super Bowl, which occurred on February 7, 2010) also required the use of cash.
Significant cost reduction efforts resulted in improved operating performance for fiscal year 2010. The focus for fiscal 2011 will be cost containment and deployment of new products. However, the timing of spending required to develop new products is flexible and can be accelerated or deferred depending on the availability of funds.
The Company expects that it will experience a short term liquidity issue during the summer months. In anticipation of such event, the Company sought bridge financing and was successful in raising $445,000 from two sources. Victor Salerno, President and Chief Executive Officer, provided an interest free revolving line of credit to the Company of $250,000 on May 17, 2010 (of which the full amount has been drawn down), and the Company recently finalized an agreement to borrow an additional $195,000 from an unrelated party. The $195,000 loan became due on June 17, 2010, at which point the interest rate increased from 15% to 22% until paid in full. The loan was intended as bridge financing until the Company could negotiate a $500,000 loan from the same lender. No assurance can be given that the Company will be successful in negotiating the $500,000 loan. These financing agreements are expected to provide the necessary cash to overcome the expected short term liquidity issue. Management is also investigating more comprehensive, long term refinancing and capital raising alternatives. There is no assurance that such objective can be accomplished with acceptable terms. If we are unable to secure long-term financing or other capital raising efforts, we may not be able to satisfy our obligations as they come due.
Net cash used in financing activities for the first quarter of fiscal 2011 was approximately $68,000 compared to approximately $189,000 for the same quarter of fiscal 2010 primarily due to a reduction in principal maturities.
Restricted Cash Requirements (Regulation 22.040)
Nevada Gaming Commission Regulation 22.040 (“Regulation 22.040”) requires us to maintain reserves (cash, surety bonds, irrevocable standby letter of credit, etc.) sufficient to cover any outstanding wagering liability including unpaid winning tickets, future tickets and telephone account deposits.
As of April 30, 2010 the Company has $1.62 million on deposit at Nevada State Bank for purposes of meeting the Regulation 22.040 reserve requirement. In addition, Victor and Terina Salerno pledged a certificate of deposit for $200,000 and Robert and Tracey Kocienski pledged two certificates of deposit totaling $500,000 for the benefit of Leroy’s creating a reserve of $2.32 million. The pledged certificates expire in November 2010 and unless the pledge is renewed we may be required to make additional reserve deposits during football season. We believe that the $2.32 million reserve is adequate until football season, at which time we may need to increase the reserve amount. If we are required to increase the Regulation 22.040 reserve and are unable to do so, it would have an adverse impact on us including, but not limited to, requiring a significant reduction in the number of race/sports locations operated by Leroy’s, or an elimination or reduction of telephone wagering accounts, resulting in an adverse change in our operating results.
The Company has an off-balance sheet arrangement whereby Leroy’s has received the benefit of the pledges made by Victor and Terina Salerno for $200,000 and Robert and Tracey Kocienski for $500,000 to the Nevada Gaming Control Board to meet its reserve requirements under Regulation 22.040. The pledges are treated as off-balance sheet financing although the Company agreed with the pledgors to repay the pledges or increase the reserve deposits in order to release the pledges. Interest accrues on the pledges at 1% per month and the interest is payable on the first day of every month. The pledges will expire in November, 2010.
We may, from time to time, seek additional capital to fund our operations, reduce our liabilities, or fund our expansion plans (including acquisitions). The Company engaged a financial advisor on an exclusive basis to provide advisory services to the Company, including the identification of potential investors in an offering of debt, equity, or equity linked securities of the Company, or a strategic based transaction involving the Company. The sale of additional equity or convertible securities would result in dilution to our shareholders.
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AWI has the following subsidiaries:
Through its subsidiaries, AWI manages race and sports books and sells and services race and sports book computer systems.
Wagering Terminal | |
![]() Click to Enlarge | Writer/Teller Terminal with customer display or Dual Service with self service capabilities. It is a Windows-based, secure, interactive wagering terminal with color LCD. Features include:
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Self Service Kiosk | |
![]() Click to Enlarge | Self Service Kiosk provides patrons with the ability to place wagers on race and sports events without writer/teller intervention. The upper display monitor has scrolling odds. The kiosk accepts cash, winning tickets, and vouchers. Features include:
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Mobile Account Wagering Application | |
![]() Click to Enlarge | Mobile Account Wagering Application offers the convenience of mobile account wagering. The convenience of placing a bet on sports anywhere in Nevada. The application will not accept wagers from outside Nevada. Features include:
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Touch Cashier Terminal | |
![]() Click to Enlarge | Touch Cashier Terminal is especially designed with the casino cage requirements in mind. Designed for use where space is at a premium. It operates with a touch screen interface and a scanner to increase efficiency. Features include:
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Intelligent Remote Log | |
![]() Click to Enlarge | Intelligent Remote Log is a PC-based application to manage your books quicker and easier. It captures real-time information regarding large wagers and other risk related data. It puts risk analysis, game queries, and ticket searches at the tip of your fingers in a format that is easier to read then ever before. Features include:
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Race/Sports Sheets Generator | |
![]() Click to Enlarge | Race/Sports Sheets generates scratch sheets and results and/or sports schedules and results with customer logo in seconds. Features include:
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Intelligent Video Display | |
![]() Click to Enlarge | Intelligent Video Display shows live lines, line change notification, and results. It supports up to four separately configured designs. It also supports widescreen displays. Features include:
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Services | |
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