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: September 30, 2001

[ ]      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)               Identification 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)

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

            7,889,169 SHARES OF COMMON STOCK, $.001 PAR VALUE, AS OF
                               SEPTEMBER 30, 2001

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



<PAGE>


                      SUREBET CASINOS, INC. AND SUBSIDIARY
                              INDEX TO FORM 10-QSB

                                                                            PAGE

PART I.           FINANCIAL INFORMATION

  ITEM 1.  Consolidated Balance Sheets as of September 30, 2001 and
           March 31, 2001                                                     3

           Consolidated Statements of Operations for the three
           and six months ended September 30, 2001 and 2000                   4

           Consolidated Statements of Cash Flows for the three
           and six months ended September 30, 2001 and 2000                   5

           Notes to Consolidated Financial Statements                         6

  ITEM 2.  Management's Discussion and Analysis or Plan of Operation          9

PART II.   OTHER INFORMATION

  ITEM 1.  Legal Proceedings                                                  11

  ITEM 2.  Changes in Securities                                              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

                                       2
<PAGE>

                       SUREBET CASINOS, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                      SEPTEMBER 30, 2001 AND MARCH 31, 2001


<TABLE>
                                     ASSETS
<CAPTION>

                                                                                    Unaudited          Audited
                                                                                     SEPT 30          MARCH 31
                                                                                  --------------    --------------
<S>                                                                               <C>               <C>
 Current assets:
       Receivables                                                                 $     15,630      $     15,630
                                                                                  --------------    --------------
           Total current assets                                                          15,630            15,630
                                                                                  --------------    --------------

       Deposit on claim                                                                 140,000           140,000
       Deposit on Colorado casino lease                                                 200,000           200,000
       Other                                                                                -                 -
                                                                                  --------------    --------------
           Total other assets                                                           340,000           340,000
                                                                                  --------------    --------------
                                                                                   $    355,630      $    355,630
                                                                                  ==============    ==============


                  LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 Current liabilities:
       Accounts payable and accrued liabilities                                    $    639,752      $    639,350
       Due to shareholder                                                                75,687            77,859
       Due to CSL Development Corporation                                                13,934            11,762
                                                                                  --------------    --------------
                 Total current liabilities                                              729,373           728,971
                                                                                  --------------    --------------

 Commitments and contingencies                                                              -                 -

 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,
           7,889,169 shares issued and outstanding                                        7,889             7,889
       Additional paid-in capital                                                     5,569,866         5,569,866
       Accumulated deficit                                                           (5,951,498)       (5,951,096)
                                                                                  --------------    --------------
           Total stockholders' equity (deficit)                                        (373,743)         (373,341)
                                                                                  --------------    --------------
                                                                                   $    355,630      $    355,630
                                                                                  ==============    ==============


</TABLE>

                 See notes to consolidated financial statements.

                                       3

<PAGE>


                   SUREBET CASINOS, INC. AND SUBSIDIARY
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                QUARTER ENDED SEPTEMBER 30, 2001 AND 2000
                               (UNAUDITED)

<TABLE>
<CAPTION>

                                                                              Three Months Ended              Six Months Ended
                                                                           9/30/2001      9/30/2000        9/30/2001      9/30/2000
                                                                          ------------   ------------    ------------   ------------
<S>                                                                       <C>            <C>             <C>            <C>
 Revenue:
      Casino revenue                                                       $      -       $  876,507      $      -       $1,375,403
      Ticket sales                                                                -           95,284             -          203,143
      Food and beverage sales                                                     -          168,554             -          313,595
                                                                          ------------   ------------    ------------   ------------
          Total revenue                                                           -        1,140,345             -        1,892,141
                                                                          ------------   ------------    ------------   ------------

 Operating expenses:
      Cost of food and beverage sales                                                        129,882                        253,258
      Casino operating costs                                                                 309,007                        579,067
      Casino vessel costs                                                                    781,923                      1,449,658
      Start-up costs                                                                       -
      Sales and marketing                                                                     36,039                        124,782
      General and administrative                                                  402        178,672             402        340,422
      Minority interest in losses                                                                  -                        (30,000)
                                                                          ------------   ------------    ------------   ------------
          Total operating expenses                                                402      1,435,523             402      2,717,187
                                                                          ------------   ------------    ------------   ------------
          Net income (loss) from continuing operations                           (402)      (295,178)           (402)      (825,046)
 Discontinued operations:
      Gain on transfer of net liabilities to Imperial (Note 1)                    -              -               -              -
      Operating losses of discontinued business                                   -              -               -              -
                                                                          ------------   ------------    ------------   ------------
                                                                           $     (402)    $ (295,178)     $     (402)    $ (825,046)
                                                                          ============   ============    ============   ============

 Basic net income (loss) per common share:
      From continuing operations                                           $    (0.00)    $    (0.04)     $    (0.00)    $    (0.10)
      From discontinued operations
                                                                          ------------   ------------    ------------   ------------
          Net income (loss)                                                $    (0.00)    $    (0.04)     $    (0.00)    $    (0.10)
                                                                          ============   ============    ============   ============
          Weighted average common shares outstanding                        7,889,169      7,864,542       7,889,169      7,864,542
                                                                          ============   ============    ============   ============
</TABLE>



          See accompanying notes to consolidated financial statements.

                                        4


<PAGE>

                      SUREBET CASINOS, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                    QUARTER ENDED SEPTEMBER 30, 2001 AND 2000
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                        Three Months Ended            Six Months Ended
                                                                    9/30/2001      9/30/2000      9/30/2001      9/30/2000
                                                                    ----------   --------------   -------------------------

<S>                                                                 <C>          <C>              <C>          <C>
Cash flows from operating activities:
      Net income (loss)                                                $ (402)    $  (295,178)     $   (402)    $ (825,046)
      Adjustments to reconcile net loss to net cash
          used in operating activities:
              Minority interest in losses                                                 -                        (30,000)
              Changes in operating assets and liabilities:
                  Accounts receivable                                                   (5,461)                     (5,867)
                  Inventory                                                                  -                       1,920
                  Other assets                                                          21,898
                  Accounts payable and accrued liabilities                402          419,588          402        956,111
                                                                    ----------   --------------   ----------   ------------
                      Net cash provided by operating activities           -            140,847          -           97,118
                                                                    ----------   --------------   -------------------------

Cash flows from investing activities:
      Purchase of furniture and equipment                                                  -                        (2,072)
                                                                    ----------   --------------   -------------------------

Cash flows from financing activities:
      Sale of shares of subsidiary to minority interests                                   -                        30,000
      Sale of common shares                                                                -                        21,600
                                                                    ----------   --------------   -------------------------
                      Net cash provided by financing activities           -                -            -           51,600
                                                                    ----------   --------------   -------------------------

Net increase (decrease) in cash and cash equivalents                        -              -            -          146,646
                                                                                       140,847
Cash at beginning of period                                                 -           42,476          -           36,677
                                                                    ----------   --------------   ----------   ------------

Cash at end of period                                                  $    -     $    183,323     $    -       $  183,323
                                                                    ==========   ==============   =========================


Supplemental disclosure:
      Total interest paid                                              $    -     $        -       $    -       $      -
                                                                    ==========   ==============   =========================
</TABLE>



<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, 2001  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 three and six month periods
         ended September 30, 2001 are not necessarily  indicative of the results
         that may be expected for the year ending March 31, 2002.



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


                                       6

<PAGE>

         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
         had 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 September 30, 2001, 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 September  30,
         2001  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.

              DEFAULT  IN  COLORADO LEASE.   Pursuant to the lease between Black
         Hawk  Hotel  Corporation  and the  Company,  Black  Hawk  Hotel  was to
         purchase  250,000  shares of the  Company's  common  stock on or before
         March 1, 2000. Black Hawk did purchase 125,000 shares but has failed to
         purchase the remaining 125,000 shares.  Further,  the commencement date
         of the lease was  October 1, 2000 and the  Company is in default  under
         this provision.  The parties are negotiating in good faith to reinstate
         the lease.

              Efforts by the Company  to settle its difficulties with Black Hawk
         Hotel  Corporation have not  been successful. Although the parties will
         continue to negotiate  in good faith to  revisit the lease, the Company
         chose to voluntarily  withdraw its application with the Colorado Gaming
         Commission effective August 7, 2001. This withdrawal is without

                                       7

<PAGE>


         prejudice  and  if the  Company  is able  to reinstate  its  lease  the
         application with the Colorado Gaming Commission will be resubmitted.

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  September  30,
         2001, the Company had a working  capital  deficiency of $713,743 and an
         accumulated deficit of $5,951,498. The Company does not 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 SIX MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THREE AND SIX MONTHS
ENDED SEPTEMBER 30, 2000

The sole source of revenue for the Company had been derived  from the  operation
of Casino Padre.  On November 6, 2000, the Casino Padre operation was shut down.
Accordingly,  there were no revenues  for the three  months and six months ended
September 30, 2001, as compared to $1,140,345 and $1,892,141 of revenues for the
same periods of last year.

During the three and six months ended  September 30, 2001, the Company  incurred
only $402 of general and  administrative  expenses,  as compared to $178,672 and
$340,422 of operating  expenses for the three and six months ended September 30,
2000.

The above  resulted  in a net loss of $402 for the three  and six  months  ended
September  30, 2001,  as compared to a net loss of $295,178 and $825,046 for the
three and six months ended September 30, 2000.

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2001, the Company had a working capital deficit of $713,743 and
an accumulated  deficit of  $5,951,498.There  was no cash flow for the three and
six months ended  September 30, 2001.  The Company does not believe that it will
be able to meet its  normal  operating  costs  and  expenses  from  cash flow as
Company does not presently have any operations.

The Company has been  dependent  upon loans from its principal  shareholder  and
President,  Charles  Liberis.  From May 31, 1999 to August 20, 2000, Mr. Liberis
advanced  $118,000 to the Company.  The loans are not  evidenced  by  promissory
notes and there is no fixed date for repayment.  During the year ended March 31,
2001, the Company repaid a net amount of $43,614. At September 30, 2001, $75,687
was owed to Mr. Liberis.

In  addition,  at  September  30,  2001,  $13,934  was  owed to CSL  Development
Corporation  for past due charter  payments and accrued  interest  thereon.  Mr.
Liberis is also the President of CSL Development Corporation.

The report of the Company's independent auditors on the financial statements for
the year ended March 31, 2001, includes an explanatory paragraph relating to the
uncertainty of the


                                       9

<PAGE>

Company's  ability to continue as a going  concern due to the loss  incurred for
the year ended March 31, 2001 and the working capital deficit and  stockholders'
deficit existing as of March 31, 2001. The Company must raise additional capital
in order to fund operations.

The Company  believes that it will be able to raise  additional  capital through
debt and equity financing which,  along with additional loans from its principal
shareholders,  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 be able to raise  additional  capital or to take advantage
of any  expansion  opportunities  that may  become  available.  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 further
business opportunities.

FORWARD LOOKING STATEMENTS

Except for historical  information  contained  herein,  the matters discussed in
this report, in particular, statements that use the words "believes", "intends",
"anticipates", or "expects", are intended to identify forward looking statements
that are  subject to risks and  uncertainties  including,  but not  limited  to,
inclement  weather,  mechanical  failures,  increased  competition,   financing,
governmental  action,   environmental  opposition,   legal  actions,  and  other
unforeseen factors.

The development of the Black Hawk, Colorado project,  in particular,  is subject
to  additional  risks and  uncertainties,  including,  but not limited to, risks
relating to permitting,  financing,  the activities of environmental groups, the
outcome of litigation and the actions of federal,  state,  or local  governments
and  agencies.  The  results of  financial  operations  reported  herein are not
necessarily an indication of future prospects of the Company. Future results may
differ materially.









                                       10

<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

         None.

ITEM 2.  CHANGES IN SECURITIES

         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)


(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.



                                       11
<PAGE>


         (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:  November 13, 2001              By:   /s/ CHARLES S. LIBERIS
                                         ---------------------------------------
                                            Charles S. Liberis
                                            Chairman of the Board, Chief
                                            Executive Officer and President
                                            (Principal Executive, Financial, and
                                            Accounting Officer)












                                       12