American Wagering Inc. announced earnings results for the second quarter ended July 31, 2009. For the quarter, the company reported net income of $127,037, up $713,313 net loss for the same quarter the previous year 2008.

On 05/04/2009, American Wagering Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

American Wagering Inc. and U.S. Bank entered into a Term Loan Agreement and a Term Note whereby the company's $500,000 line of credit with the Bank was converted into a term loan. The maturity date of the Note is January 31, 2010, and the unpaid principal balance of the Note will bear interest at an annual rate of the prime rate plus 2%. Interest is payable beginning on March 31, 2009 on the last day of each month of the term of the Note. Principal is payable on the last day of each month of the term of the Note as follows: $25,000 per month for six months beginning March 31, 2009; $70,000 per month for four months beginning September 30, 2009; and a final payment equal to all unpaid principal on January 31, 2010.