American Wagering, Inc. (fka BETM)

[10 bagger]

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:


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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.




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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.


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(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





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