<PAGE>
- ------ ------------------------------------
FORM 3 OMB APPROVAL
- ------ ------------------------------------
OMB Number 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response .............0.5
------------------------------------
U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITITAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
- -------------------------------------------------------------------------------
1. Name and Address of Reporting Person
Salerno Judith L
--------------------------------------------------------------------
(Last) (First) (MI)
1304 Castle Wall Street
--------------------------------------------------------------------
(Street)
Las Vegas Nevada 89117
--------------------------------------------------------------------
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
03/26/98
- -------------------------------------------------------------------------------
3. IRS or Social Security Number of Reporting Person (Voluntary)
- -------------------------------------------------------------------------------
4. Issuer Name and Ticker or Trading Symbol
American Wagering, Inc. (BETM)
- -------------------------------------------------------------------------------
5. Relationship of Reporting Person to Issuer (Check all applicable)
[ ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
---------------------------------------------------------------------------
6. If Amendment, Date of Original (Month/Day/Year)
- -------------------------------------------------------------------------------
7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
---
Form filed by More than One Reporting Person
---
- ------------------------------------------------------------------------------
TABLE I - Non-Derivative Securities Beneficially Owned
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
1. Title of Security | 2. Amount of Securities | 3. Ownership Form: | 4. Nature of Indirect Beneficial
(Instr. 4) | Beneficially Owned | Direct (D) or Indirect | Ownership (Instr. 5)
| (Instr. 4) | (I) (Instr. 5) |
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Common Stock | 1,942,500 | D |
- -----------------------------------------------------------------------------------------------------------------------------------
| | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | |
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Reminder: Report on a seperate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see
instruction 5(b)(v).
(Over)
<PAGE>
<TABLE>
<CAPTION>
FORM 3 (continued) Table II -- Derivative Securities Benefically Owned
(e.g., puts, calls, warrants, options, convertible
securities)
<S> <C>
- ---------------------------------------------------------------------------------------------
1. Title of Derivative Security (Instr. 4) | 2. Date Exercisable and Expiration Date
| (Month/Day/Year)
|-----------------------------------------
| Date Exercisable | Expiration Date
- ---------------------------------------------------------------------------------------------
| |
a) | |
| |
- ---------------------------------------------------------------------------------------------
| |
b) | |
| |
- ---------------------------------------------------------------------------------------------
| |
c) | |
| |
- ---------------------------------------------------------------------------------------------
| |
d) | |
| |
=============================================================================================
===================================================================================================================================
3. Title and Amount of Securities | 4. Conversion or Exercise | 5. Ownership Form of Derivative | 6. Nature of Indirect
Underlying Derivative Security | Price of Derivative | Security: Direct (D) or | Beneficial Ownership
(Instr. 4) | Security | Indirect (I) (Instr. 5) | (Instr. 5)
- -----------------------------------------| | |
| Amount or | | |
| Number of | | |
Title | Shares | | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | | |
a) | | | |
| | | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | | |
b) | | | |
| | | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | | |
c) | | | |
| | | |
- -----------------------------------------------------------------------------------------------------------------------------------
| | | |
d) | | | |
| | | |
- -----------------------------------------------------------------------------------------------------------------------------------
Explanation of Responses:
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
</TABLE>
/s/ Judith L. Salerno 03/31/98
- -------------------------------------------------------- -------------------
**Signature of Reporting Person Date
Page 2
