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                     U.S. SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
   
                                   FORM 10-KSB/A

                                     AMENDMENT

                                       NO. 1
    
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED JANUARY 31, 1998.

Commission File No. 000-20685

                             AMERICAN WAGERING, INC.
                 (Name of Small Business Issuer in its Charter)
             Nevada                                              88-0344658
-------------------------------                              -------------------
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)


                    675 Grier Drive, Las Vegas, Nevada 89119
               ---------------------------------------------------
               (Address of principal executive offices) (Zip Code)


                                 (702) 735-0101
                           ---------------------------
                           (Issuer's telephone number)

Securities registered under Section 12(b) of the Exchange Act:   None

Securities registered under Section 12(g) of the Exchange Act:

                                 Title of Class
                          ----------------------------
                          Common Stock, $.01 par value

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

                                                     Yes    X     No
                                                         -------      ---------

Check if disclosure of delinquent filers in response to Item 405 of Regulation
S-B is not contained in this form, and no disclosure will be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [X]

The issuer's revenues for the fiscal year ended January 31, 1998 were
$9,300,503.

The aggregate market value of the voting stock (which consists solely of shares
of Common Stock) held by non-affiliates of the issuer as of April 7, 1998
computed by reference to the average of the bid and asked prices of the
registrant's Common Stock as quoted by NASDAQ on such date, was approximately
$14,924,315

The number of shares of the issuer's Common Stock outstanding as of April 7,
1998 was 7,836,333.
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                AMENDMENT NO. 1 TO ANNUAL REPORT ON FORM 10-KSB
                   FOR THE FISCAL YEAR ENDED JANUARY 31, 1998


The undersigned registrant hereby amends Exhibit 23.1 to its Annual Report on
Form 10-KSB for the fiscal year ended January 31, 1998 for the sole purpose of
correcting a typographical error.
    
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                                   SIGNATURES
   
                  Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this Amendment No. 1 to be signed on
its behalf by the undersigned thereunto duly authorized.
    
Date: May 8, 1998


                                    AMERICAN WAGERING, INC.



                                    By:   /s/ Victor Salerno
                                          -------------------------------------
                                          Victor Salerno, President and Chief
                                          Executive Officer