Exhibit 1

SECURED PROMISSORY NOTE

FOR VALUE RECEIVED, the undersigned, American Wagering, Inc., a Nevada corporation (“Borrower”), promises to pay to the order of Alpine Advisors LLC (“Lender”) the principal sum of one hundred ninety-five thousand dollars ($195,000.00) on June 17, 2010 (the “Maturity Date”), together with interest from the date hereof through the Maturity Date at the rate of fifteen percent (15.0%) per annum.  If, and to the extent, the principal amount of this Note is not paid on the Maturity Date, the principal amount hereof outstanding shall bear interest from the Maturity Date until paid in full at the default rate of twenty-two percent (22.0%) per annum and shall be payable on demand or, in the absence of a demand, weekly, on the first business day of each week.  All interest shall be calculated on the basis of a 360-day year prorated for the number of days in each month. All payments of principal and interest under this Note shall be made in immediately available lawful funds of the United States of America by wire transfer to a bank specified by Lender by no later than 3:00 p.m. (Nevada time) on the date such payments are due.

This Note may be prepaid, in whole or in part, at any time, and from time to time, without premium or penalty.  All prepayments shall be applied first to any accrued and unpaid interest and then to the unpaid principal balance hereof.

As security for the payment of all indebtedness under this Note, Borrower hereby pledges to Lender, and grants to Lender a first priority security interest in, all of borrower’s right, title and interest in and to the following property (the “Collateral”): (i) all equity interests in Computerized Bookmaking Systems, Inc., a Nevada corporation (“CBS”); (ii) all shares of stock, certificates, instruments or other documents evidencing or representing the same; and (iii) all present and future payments, proceeds, dividends, distributions, instruments, compensation, property, assets, interests and rights in connection with or related to any of the foregoing.  If Borrower defaults in paying any indebtedness evidenced hereby promptly on the date when due and payable, Lender shall have, in addition to other rights and remedies provided for herein or otherwise available to it, all rights and remedies of a secured party on default under the Uniform Commercial Code (“UCC”).

Borrower hereby represents and warrants to Lender that: (a) each of Borrower and CBS is a corporation organized under the laws of the State of Nevada; (b) Borrower has no organizational number, and its exact legal name is American Wagering, Inc.; (c) the issued and outstanding capital stock of CBS is 100 shares of common stock, represented by Certificate No. 1, all of which have been duly authorized and issued and are fully-paid and non-assessable, and none of which constitutes Margin Stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System of the United States, as the same is from time to time in effect); and (d) all of the Collateral is owned by Borrower free and clear of any lien, security interest or other encumbrance other than the pledge and security interest in favor of Lender.  The foregoing representations and warranties shall survive the execution and delivery of this Note.

Borrower hereby irrevocably authorizes Lender at any time and from time to time to file in any jurisdiction in which the UCC has been adopted any initial financing statements and amendments thereto that (a) describe the Collateral, and (b) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any initial financing statement or amendment.