X0202 4 2008-01-31 0 0001005214 AMERICAN WAGERING INC BETM.OB 0001022092 BARENGO ROBERT R 675 GRIER DRIVE LAS VEGAS NV 89119 1 0 0 0 Common Stock 525000 D Options/Right to Buy 0.79 2008-01-31 4 A 0 400 0 A 2009-01-31 2018-01-31 Common Stock 400 400 D On January 31, 2008, American Wagering, Inc. (the "Company") granted the reporting person an option to purchase 400 shares of the Company's common stock pursuant to the Company's 1996 Directors' Stock Option Plan, as amended, at an exercise price of $0.79 per share for his fiscal 2008 annual board of director's service. The grant was exempt under Rule 16b-3. The option is exercisable on the first anniversary of the date of grant. /s/ Robert R. Barengo 2008-05-09