U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)
[X]      QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
         ACT OF 1934
         For the quarterly period ended: December 31, 2000

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE EXCHANGE ACT
         For the transition period from _______________ to __________________

                         Commission file number: 0-30263

                              SUREBET CASINOS, INC.
        (Exact name of small business issuer as specified in its charter)


               UTAH                                      75-1878071
   (State or other jurisdiction of                      (IRS Employer
    incorporation or organization)                    Idenfitication No.)



                 1610 BARRANCAS AVENUE, PENSACOLA, FLORIDA 32501
                    (Address of principal executive offices)

                                 (850) 438-9647
                           (Issuer's telephone number)

                                 NOT APPLICABLE
         (Former name, former address and former fiscal year, if changed
                               since last report)

         Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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 ___

         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the last practicable date:

            7,884,038 SHARES OF COMMON STOCK, $.001 PAR VALUE, AS OF
                                DECEMBER 31, 2000

  Transitional Small Business Disclosure Format (check one):  Yes      No   X
                                                                 -----    -----



<PAGE>


                      SUREBET CASINOS, INC. AND SUBSIDIARY
                              INDEX TO FORM 10-QSB
<TABLE>
<CAPTION>

                                                                                               PAGE

PART I.           FINANCIAL INFORMATION
<S>               <C>                                                                          <C>

     ITEM 1.      Consolidated Balance Sheets as of December 31, 2000 and
                  March 31, 2000                                                                 3

                  Consolidated Statements of Operations for the three and nine
                  months ended December 31, 2000 and 1999                                        4

                  Consolidated Statements of Cash Flows for the nine
                  months ended December 31, 2000 and 1999                                        5

                  Notes to Consolidated Financial Statements                                     6

     ITEM 2.      Management's Discussion and Analysis or Plan of Operation
                  for the three and nine months ended December 31, 2000 and 1999                 9

PART II.          OTHER INFORMATION

     ITEM 1.      Legal Proceedings                                                              11

     ITEM 2.      Changes in Securities and Use of Proceeds                                      11

     ITEM 3.      Defaults Upon Senior Securities                                                11

     ITEM 4.      Submission of Matters to a Vote of Security Holders                            11

     ITEM 5.      Other Information                                                              11

     ITEM 6.      Exhibits and Reports on Form 8-K                                               11

SIGNATURES                                                                                       12
</TABLE>

                                       2
<PAGE>


                          SUREBET CASINOS, INC. AND SUBSIDIARY
                               CONSOLIDATED BALANCE SHEETS
                          December 31, 2000 and March 31, 2000


                                     ASSETS
<TABLE>
<CAPTION>
                                                                                            December 31,           March 31,
                                                                                                2000                 2000
                                                                                           --------------       -------------
<S>                                                                                        <C>                  <C>

 Current assets:
       Cash                                                                                $       3,472        $     36,677
       Receivables                                                                                11,999               6,116
       Inventory                                                                                     -                 8,715
                                                                                           --------------       -------------


            Total current assets                                                                  15,471              51,508
                                                                                           --------------       -------------

 Furniture, leasehold improvements and equipment:
       Furniture and equipment                                                                    39,323              37,252
       Leasehold improvements                                                                     88,460              88,460
                                                                                           --------------       -------------
                                                                                                 127,783             125,712
       Accumulated depreciation                                                                  (38,105)            (12,548)
                                                                                           --------------       -------------
            Net furniture and equipment                                                           89,678             113,164
                                                                                           --------------       -------------

 Other assets:
       Deposit on claim (Note 5)                                                                 140,000             140,000
       Deposit on Colorado casino lease (Note 5)                                                 200,000             200,000
       Other                                                                                         992                 992
                                                                                           --------------       -------------
            Total other assets                                                                   340,992             340,992
                                                                                           --------------       -------------
                                                                                           $     446,141        $    505,664
                                                                                           ==============       =============



                     LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 Current liabilities:
       Accounts payable and accrued liabilities                                            $   1,602,594        $    276,666
       Due to shareholder (Note 6)                                                                79,688             121,473
       Due to CSL Development Corporation (Notes 5 and 6)                                         32,434             267,589
                                                                                           --------------       -------------
                 Total current liabilities                                                     1,714,716             665,728
                                                                                           --------------       -------------

 Commitments and contingencies (Note 5)                                                              -                   -

 Stockholders' equity (deficit):
       Preferred stock, $.01 par value, 500,000 shares authorized,
            none issued and outstanding                                                              -                   -
       Common stock, $.001 par value, 50,000,000 shares authorized,
            7,884,038 and 7,849,478 shares issued and outstanding                                  7,884               7,849
       Additional paid-in capital                                                              5,569,871           5,555,654
       Accumulated deficit                                                                    (6,846,330)         (5,723,567)
                                                                                           --------------       -------------
            Total stockholders' equity (deficit)                                              (1,268,575)           (160,064)
                                                                                           --------------       -------------
                                                                                           $     446,141        $    505,664
                                                                                           ==============       =============

</TABLE>

                     See notes to consolidated financial statements.
                                        3

<PAGE>


            SUREBET CASINOS, INC. AND SUBSIDIARY
            CONSOLIDATED STATEMENTS OF OPERATIONS
        Three and Nine Months Ended December 31, 2000

<TABLE>
<CAPTION>

                                                                      THREE MONTHS ENDED                    NINE MONTHS ENDED
                                                                ------------------------------        ----------------------------
                                                                   12/31/00          12/31/99           12/31/00         12/31/99
                                                                -------------      -----------        ------------     -----------
<S>                                                             <C>                <C>                <C>              <C>
 Revenue:
      Casino revenue                                            $     42,168       $   130,549        $ 1,417,571      $  130,549
      Ticket sales                                                     4,990            22,027            208,133          22,027
      Food and beverage sales                                         27,323            10,869            340,918          10,869
                                                                -------------      ------------       ------------     -----------
           Total revenue                                              74,481           163,445          1,966,622         163,445
                                                                -------------      ------------       ------------     -----------

 Operating expenses:
      Cost of food and beverage sales                                 11,755            39,539            146,676          39,539
      Casino operating costs                                         217,188            79,223            796,255          79,223
      Casino vessel costs                                             75,511           155,149          1,601,751         155,149
      Start-up costs                                                     -             290,565                -           290,565
      Sales and marketing                                              6,717            53,791            131,499          53,791
      General and administrative                                      61,028            84,928            413,205          95,214
      Minority interest in losses                                        -            (140,335)               -          (140,335)
                                                                -------------      ------------       ------------     -----------
           Total operating expenses                                  372,199           562,860          3,089,386         573,146
                                                                -------------      ------------       ------------     -----------
           Net loss                                                 (297,718)         (399,415)        (1,122,764)       (409,701)
                                                                -------------      ------------       ------------     -----------
                                                                $   (297,718)      $  (399,415)       $(1,122,764)     $ (409,701)
                                                                =============      ============       ============     ===========

 Basic net loss per common share:
                                                                -------------      ------------       ------------     -----------
           Net loss                                                   ($0.04)           ($0.05)            ($0.14)          ($0.13)
                                                                =============      ============       ============     ============
           Weighted average common shares outstanding              7,884,038         7,473,383          7,860,998        3,106,717
                                                                =============      ============       ============     ============
</TABLE>


 See accompanying notes to consolidated financial statements.

                                       4

<PAGE>




                      SUREBET CASINOS, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                  NINE MONTHS ENDED DECEMBER 31, 2000 AND 1999


<TABLE>
<CAPTION>
                                                                                                2000               1999
                                                                                          --------------     --------------
<S>                                                                                       <C>                <C>
Cash flows from operating activities:
       Net income (loss)                                                                  $  (1,122,764)     $    (409,701)
       Adjustments to reconcile net loss to net cash
            used in operating activities:
            Shares issued for services                                                              -              142,500
                 Depreciation                                                                    25,557                -
                 Minority interest in losses                                                        -
                 Changes in operating assets and liabilities:
                      Accounts receivable                                                        (5,882)           (36,776)
                      Inventory                                                                   8,715                -
                      Other assets                                                                  -              (11,220)
                      Accounts payable and accrued liabilities                                1,325,928            268,975
                                                                                          --------------     --------------
                          Net cash used in operating activities                                 231,554            (46,222)
                                                                                          --------------     --------------

Cash flows from investing activities:
       Purchase of furniture and equipment                                                       (2,071)          (383,469)
                                                                                          --------------     --------------

Cash flows from financing activities:
       Net advances from shareholder                                                           (276,940)               -
       Sale of shares of subsidiary to minority interests                                             -            500,000
       Sale of common shares                                                                     14,252             13,000
                                                                                          --------------     --------------
                          Net cash provided by financing activities                            (262,688)           513,000
                                                                                          --------------     --------------

Net increase (decrease) in cash and cash equivalents                                            (33,205)            83,309

Cash at beginning of year                                                                        36,677                -
                                                                                          --------------     --------------

Cash at end of year                                                                       $       3,472      $      83,309
                                                                                          ==============     ==============


Supplemental disclosure:
       Total interest paid                                                                $         -        $         -
                                                                                          ==============     ==============

</TABLE>



             See accompanying notes to consolidated financial statements.

                                       5
<PAGE>


                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.       UNAUDITED FINANCIAL INFORMATION

             The  accompanying   unaudited  condensed   consolidated   financial
         statements of sureBET Casinos Inc. and its majority-owned  subsidiaries
         (the  "Company")  have  been  prepared  in  accordance  with  generally
         accepted  accounting  principles for interim financial  information and
         with the  instructions  to Form  10-QSB of  Regulation  S-B of the U.S.
         Securities  and  Exchange  Commission.  They do not  include all of the
         information  and  notes  required  by  generally  accepted   accounting
         principles for complete corporate financial statements. However, except
         as  disclosed  herein,  there  has  been  no  material  change  in  the
         information  disclosed in the notes to the financial statements for the
         year ended March 31, 2000  included in the Company's  Annual  Financial
         Report  on  Form  10-KSB  filed  with  the   Securities   and  Exchange
         Commission.  The  unaudited  financial  statements  should  be  read in
         conjunction with these financial statements included in Form 10-KSB. In
         the opinion of management,  all  adjustments  consisting only of normal
         recurring accruals,  considered  necessary for a fair presentation have
         been  included.  Operating  results  for the six and nine month  period
         ended December 31, 2000 are not  necessarily  indicative of the results
         that may be expected for the year ending March 31, 2001.



2.       DESCRIPTION OF BUSINESS

             During  the years  ended  March 31,  1999 and 1998 and the  periods
         ended December 31, 1999 and 1998, sureBET Casinos, Inc. ("the Company")
         had no operating assets and had been  investigating  the acquisition of
         an operating  business.  The Company  changed its name on June 24, 1999
         from Wexford Technology,  Incorporated. In connection with an Agreement
         to Exchange  Stock with U.S.  Gaming and Leisure Corp.  ("USG&L")  (see
         below),  the Company  entered  into an Asset  Purchase  Agreement  (the
         "Agreement")  on  March  5,  1999  with  its  controlling  shareholder,
         Imperial  Petroleum,  Inc.  ("Imperial").  The Agreement  provided that
         Imperial  would acquire all the assets and  liabilities of the Company.
         No  consideration  was  exchanged  in  return  for the  sale of the net
         liabilities of the Company.  As a result of the Agreement,  the Company
         had no assets or liabilities as of March 31, 1999 or December 31, 1999.

             Accordingly,   as  a  result  of  the  Company's   liquidation  and
         abandonment  of its assets and  liabilities  to a "shell"  status,  the
         Company has accounted for its former operations as discontinued for all
         periods presented.  The common stock issued for services for the period
         ended  December  31, 1999 has been  reported as  continuing  operations
         since the  shares  were  issued  to new  continuing  management  of the
         Company.

             In  connection  with the  Agreement  to Exchange  Common Stock with
         USG&L,  dated May 12, 1999, which is contingent on a private  placement
         which has not been  completed,  the Company  will issue  6,000,000  new
         common  shares to  stockholders  of USG&L  for 100% of the  outstanding
         shares of USG&L.  As a result of the tax-free  transaction,  USG&L will
         become a wholly owned  subsidiary  of the Company.  The owners of USG&L
         obtained  effective  control of the  Company in July 1999 by  obtaining
         control of the Board of Directors of the Company.  The transaction will
         be accounted for

                                       6

<PAGE>

         as  a reverse acquisition  whereby USG&L will  be the acquiring company
         for accounting purposes.

             On June 7, 1999,  there was a change in the Board of  Directors  of
         the Company.  The new board changed the Company's business strategy and
         decided  to enter  into the  casino  business.  On June 24,  1999,  the
         Articles of  Incorporation  of the Company  were  amended to change the
         name of the Company to sureBET Casinos, Inc.

             Under the direction of its new  management,  the Company intends to
         develop,   acquire,   joint   venture,   manage,   and  operate  gaming
         establishments  with  an  initial  focus  on  water-based  gaming,  the
         emerging gaming markets,  and the  rehabilitation and reorganization of
         casinos that are underperforming financially.

             On October 1, 1999, the Company entered into a Management  Contract
         with Casino Padre Investment  Company,  LLC ("Casino Padre"),  a Nevada
         limited liability company. Under the terms of the contract, the Company
         has an exclusive  agreement to operate the gaming ship M/V  Entertainer
         and the gaming operations  located on the ship on behalf of and for the
         account of Casino Padre Investment  Company,  LLC. On October 27, 1999,
         the Company  acquired 50  membership  units in Casino Padre  Investment
         Company LLC in exchange for 5,000,000 shares of the common stock of the
         Company.  Immediately following the transaction,  the Company owned 83%
         of Casino Padre  Investment  Company LLC. The shares were acquired from
         Charles S. Liberis, the President of the Company. The LLC was formed on
         September 14, 1999 and at the time of the  acquisition,  was still in a
         developmental  stage. Casino Padre commenced operations on November 18,
         1999. As of December 31, 2000, the Company owned 61% of the LLC.

             The  Company  operated  the M/V  Casino  Padre  as a  casino  boat,
         conducting day and evening cruises of approximately six hours each from
         South Padre Island,  Texas,  until November 6, 2000 when CSL terminated
         the charter and Casino Padre ceased operations. As of December 31, 2000
         Casino Padre was in arrears on its charter  payments to CSL Development
         in the amount of $1,104,960.

             On December 20, 1999,  the Company  entered into an agreement  with
         Black Hawk Hotel  Corporation,  an unaffiliated  entity, to lease Lilly
         Belle's  Casino,  an existing  casino  facility  located in Black Hawk,
         Colorado. Pursuant to the terms of the lease, the Company has an option
         to  purchase  the  premises.  The lease is  contingent  on the  Company
         receiving  approval  for the  transaction  and  issuance of  regulatory
         licenses from the Colorado Gaming Commission.


3.       GOING CONCERN

             The Company's financial  statements have been prepared on the basis
         that it is a going  concern,  which  contemplates  the  realization  of
         assets and the  satisfaction  of  liabilities  in the normal  course of
         business.  The financial statements do not include any adjustments that
         might  result from the  outcome of this  uncertainty.  At December  31,
         2000, the Company had a working capital  deficiency of $1,699,245.  The
         Company  has  reported   cumulative  net  losses  since   inception  of
         $6,846,330. The Company does not


                                       7
<PAGE>

         believe  that it will  be able to meet  its normal operating  costs and
         expenses from operations.

             The cash  requirements  of funding  the  Company's  operations  and
         expansion have exceeded cash flow from operations. To date, the Company
         has  satisfied  its capital  needs  primarily  through  debt and equity
         financing.  The Company continually explores raising additional capital
         through such means.

             The  Company  believes  that it will  be able to  raise  additional
         capital  through debt and equity  financing which will be sufficient to
         meet the Company's  current working capital needs for at least the next
         twelve months. However, there can be no assurance that the Company will
         not need to  raise  additional  capital  sooner,  particularly  to take
         advantage of any expansion  opportunities,  not  currently  anticipated
         that may become  available.  In such event,  there can be no  assurance
         that  additional  capital will be  available  at all, at an  acceptable
         cost,  or on a basis that is timely to allow the Company to finance any
         such opportunities.




                                       8

<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.


The following Management's Discussion and Analysis or Plan of Operation contains
forward-looking  statements  about our plans and  business.  Actual  events  and
results may differ  materially from those  anticipated in these  forward-looking
statements.  The ability to achieve our projections  and business  objectives is
dependent  on a variety of factors,  many of which are  outside of our  control.
Some of the  most  significant  factors,  alone or in  combination  would be our
failure to obtain additional equity financing to fund development activities and
projected  losses from operations  and/or the inability to grow the revenues and
improve the financial performance of the company.  Accordingly,  there can be no
assurances that we will achieve our business objectives.


RESULTS OF OPERATIONS

THREE AND NINE MONTHS ENDED  DECEMBER 31, 2000 COMPARED TO THREE AND NINE MONTHS
ENDED DECEMBER 31, 1999

The sole source of revenue for the Company through December 31, 2000 was derived
from the  operation  of Casino  Padre.  During the three and nine months  ending
December 31, 1999 the Company began its Casino Padre operation  (November 1999).
Revenue for the three months ended  December 31, 2000 was $74,481 as compared to
$163,445 for the three months ended  December  1999. The reason for the decrease
was due to the shutdown of the Casino Padre operation on November 6, 2000.

For the nine months ending  December 31, 2000 revenue was $1,966,622 as compared
to $163,445 for the six months ended December 31, 1999. The increase in revenues
was due to additional months of full operation.

Costs of sales  for the three  months  ended  December  31,  2000 were  $11,775.
Selling,  general and administrative  expenses were $67,745. A total of $217,188
was  expended for the  operation of the casino and $75,511 for the  operation of
the vessel.

Costs of sales for the nine  months  ended  December  31,  2000  were  $146,676.
Selling,  general and administrative expenses were $544,704. A total of $796,255
was expended for the operation of the casino and $1,601,751 for the operation of
the vessel.

The above resulted in a net loss of $297,718 for the three months ended December
31, 2000 and a net loss of  $1,122,764  for the nine months  ended  December 31,
2000.


LIQUIDITY AND CAPITAL RESOURCES

Cash requirements have been and will continue to be significant.  From inception
to December 31, 2000, the Company has financed operations  primarily through the
issuance of equity and debt  securities,  loans from  stockholders,  and revenue
from Casino  Padre.  At December  31,  2000,  the Company had a working  capital
deficit of $1,699,245 and an accumulated deficit of $6,846,330.

                                       9

<PAGE>

Net cash provided by operating activities for the nine months ended December 31,
2000 was $231,554. Net cash was provided primarily by an increase in
liabilities.

Net cash from  financing  activities for the nine months ended December 31, 2000
was $262,688,  primarily from payments to a  shareholder.  At December 31, 2000,
the Company did not have any material commitments for capital expenditures.

Cash needs will  continue to increase in future  periods,  primarily  because of
additional  expenses  related to the  development of new projects and continuing
operations.  The  Company  will need to raise  substantial  additional  funds to
continue the development of new markets and products.

The cash  requirements  of funding the Company's  operations  and expansion have
exceeded  cash flow from  operations.  To date,  the Company has  satisfied  its
capital  needs  primarily  through  debt  and  equity  financing.   The  Company
continually explores raising additional capital through such means.

Under the present  circumstances,  the Company's  ability to continue as a going
concern  depends on its  ability to obtain  additional  financing.  The  Company
believes  that it will be able to  raise  additional  capital  through  debt and
equity  financing which,  along with  anticipated cash from operations,  will be
sufficient to meet the Company's  current working capital needs for at least the
next twelve months. However, there can be no assurance that the Company will not
need to raise additional  capital sooner,  particularly to take advantage of any
expansion opportunities, not currently anticipated that may become available. In
such event,  there can be no assurance that additional capital will be available
at all, at an acceptable cost, or on a basis that is timely to allow the Company
to finance any such opportunities.


                                       10
<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

         None.


ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS.

         None.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

         None.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         None.


ITEM 5.  OTHER INFORMATION.

         None.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)     Exhibits

The following exhibits are included with this report.

     EXHIBIT
      NUMBER       DOCUMENT

       2.1         Agreement to Exchange Common Stock with U.S. Gaming & Leisure
                   Corp. (1)

       3.1         Articles of Incorporation, as amended (1)

       3.2         Bylaws, as amended (1)

      10.1         Asset Purchase Agreement with Imperial Petroleum, Inc.(1)

      10.2         Management Contract with Casino Padre Investment Company,
                   LLC (1)

      10.3         Lilly Belle lease (1)

      10.4         South Padre Island Sublease and Dockage Agreement (1)

      10.5         Charter Agreement with CSL Development Corporation (1)

       21          Subsidiaries of the Registrant (1)

                                       11

<PAGE>

(1)  Previously filed as an exhibit to  the Company's  Registration Statement on
     Form 10-SB (File No. 0-30263) and incorporated by reference herein.


         (b)      Reports on Form 8-K

None.

                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant has duly
caused  this  report to be  signed on its  behalf by  the undersigned  thereunto
authorized.


                                          sureBET Casinos, Inc.
                                          (Registrant)


Date:  February 20, 2001                  By:  /s/ Charles S. Liberis
                                             -----------------------------------
                                                Charles S. Liberis
                                                Chairman of the Board, Chief
                                                Executive Officer and President





                                       12