THIS WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW. THIS WARRANT
OR SUCH SHARES MAY NOT BE SOLD, DISTRIBUTED, PLEDGED, OFFERED FOR
SALE, ASSIGNED, TRANSFERRED, OR OTHERWISE DISPOSED OF UNLESS:
(A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAW COVERING ANY SUCH TRANSACTION
INVOLVING SAID SECURITIES; (B) THE COMPANY (DEFINED BELOW) RECEIVES
AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THIS WARRANT (IF SUCH
AN OPINION IS REASONABLY REQUESTED BY THE COMPANY) STATING THAT
SUCH TRANSACTION IS EXEMPT FROM REGISTRATION AND SUCH OPINION IS IN
FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY; OR
(C) PURSUANT TO RULE 144 UNDER SUCH ACT.
AMERICAN WAGERING, INC.
WARRANT TO PURCHASE
SHARES OF COMMON STOCK
DATE OF ISSUANCE: June 11, 2010
THIS IS TO CERTIFY THAT, for value received, Alpine Advisors, LLC (the “Holder”) is entitled but
not obligated, during a specified period of time as set forth in Section 5 herein (the “Exercise Period”), to
purchase from American Wagering, Inc., a Nevada corporation (the “Company”), up to six hundred thousand
(600,000) fully paid and nonassessable shares of the Company’s common stock, $.01 par value (the “Common
Stock”), at an exercise price per share as set forth in Section 1 herein (the “Exercise Price”). The term
“Warrant,” as used herein, refers to this Warrant to Purchase Shares of Common Stock, the term “Warrant
Shares,” as used herein, refers to the shares of Common Stock purchasable hereunder, and the term “Parties,” as
used herein, refers collectively to the Holder and the Company.
TERMS AND CONDITIONS
This Warrant is subject to the following terms, provisions, and conditions:
1. Exercise Price . The Exercise Price is $0.22 per underlying share of Common Stock, subject to adjustment
as hereinafter provided.