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PGGG news
Oct 07, 2005
PHOENIX, AZ
MARKET WIRE
Pegasus Gaming Corp. (OTC: PGGG) (http://www.PegasusGaming.com), an I-gaming
software and e-commerce services company servicing clients from Europe and
Africa, is pleased to announce that it has completed a lottery licensing
agreement with the International Lottery in Liechtenstein Foundation (ILLF).

Under the terms of the agreement, Pegasus and its licensees will become
authorized re-sellers for the government run National Lottery, and will share in
a percentage of the revenues based upon a sliding scale. As Pegasus signs on
more licensees, it is anticipated that lottery sales will increase respectively,
thus leading to a higher percentage share of the lottery revenues.

This completed license for the lottery platform is the second license in the
last 2 weeks that Pegasus Gaming has completed, following a thorough due
diligent process completed on the company just days ago. Implementation is
already underway between the two technical development departments to deploy
this new highly profitable venture into production phase.

ILLF is a charitable Foundation that is authorized and controlled by the
Liechtenstein government for the purpose of operating a lottery
in Liechtenstein.

"A second license in a matter of two weeks further illustrates the potential of
our product in Europe," stated Pegasus Gaming President & CEO David Cheng. "The
fact that a government-run lottery has chosen to do business with Pegasus Gaming
further validates us as a player on the world stage."

With the current and continuous success of SportingBet, World
Gaming, Crypyologic, Chimera Technology and PartyPoker, Pegasus is
certainly well positioned to capitalize on its future growth.
Our state-of-the-art mobile casino platforms are compatible with a wide array of
mobile phones, including Nokia, Motorola, Samsung and Sony Ericsson.

This press release is available on the company's official online investor
relations site for investor commentary, feedback and questions. Investors are
asked to visit Pegasus Gaming's IR Hub located at
http://www.Agoracom.com/IR/Pegasus. Alternatively, investors can e-mail AGORA
Investor Relations directly at [e-mail].

About Pegasus Gaming Corp.

Pegasus Gaming Corp. is an Arizona-based I-gaming software and e-commerce
services company servicing clients from Europe and Africa. The company licenses
a suite of online products, including casino, sports betting, and pari-mutuel
horse betting. In addition, the company provides a state-of-the-art complete
back-office management system that operates all e-commerce transactions, gaming
Web sites, accounting system and licensees' management/reporting platform.

To view the corporate presentation with sound, please click on the following
link:

www.pegasusgaming.com/slide.pps.

The above statements in regard to Pegasus, which are not purely historical, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including Pegasus Gaming Corp.'s beliefs,
expectations, hopes or intentions regarding the future. All forward-looking
statements are made as of the date hereof and are based on information available
to the parties as of such date. It is important to note that the actual outcome
and the actual results could differ materially from those in
such forward-looking statements. Factors that could cause actual results to
differ materially include risks and uncertainties, such as technological,
legislative, corporate, financial and marketplace changes.



Contact: AGORA Investor Relations 888-696-1853 [e-mail]
http://www.agoracom.com/IR/Pegasus



SOURCE: Pegasus Gaming Corp.