Document:

Exhibit 10.29

                               WARRANT TO PURCHASE
                              CLASS A COMMON STOCK

            THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED FOR RESALE UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO SUCH SECURITIES AND SUCH DISPOSITION FILED UNDER THE ACT, OR AN
EXEMPTION FROM REGISTRATION, AND COMPLIANCE WITH APPLICABLE STATE SECURITIES
LAWS. THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER
HEREOF THAT SUCH REGISTRATION IS NOT REQUIRED AND THAT SUCH LAWS ARE COMPLIED
WITH.

Void After 5:00 p.m., Eastern Time, on October 1, 2004                     No. 1

                               Warrant to Purchase
                                250,000 shares of
                 Class A Common Stock, par value $.01 per share
                                       of
                              AUTOTOTE CORPORATION

            This is to Certify That, FOR VALUE RECEIVED, the receipt and
sufficiency of which is hereby acknowledged, Ramius Securities, LLC (the
"Holder") is entitled to purchase, subject to the provisions of this Warrant,
from Autotote Corporation ("Company"), a Delaware corporation, at any time prior
to 5:00 p.m., Eastern Time, on October 1, 2004, a total of TWO HUNDRED AND FIFTY
THOUSAND shares of Class A Common Stock, par value $.01 per share, of the
Company ("Securities") at an initial purchase price of $3.58 per share. The
number of Securities to be received upon the exercise of this Warrant and the
price to be paid for the Securities may be adjusted from time to time as
hereinafter set forth. The number of Securities to be received upon the exercise
of this Warrant in effect at any time and as adjusted from time to time is
hereinafter sometimes referred to as the "Exercise Rate" and the purchase price
per Security in effect at any time and as adjusted from time to time, and
subject to the minimum purchase price set forth in Section 7(l), is hereinafter
sometimes referred to as the "Exercise Price" per Security. The Securities, as
adjusted from time to time, together with any other Securities issuable upon
exercise of this Warrant are hereinafter sometimes referred to as "Warrant
Securities". Certain capitalized terms used in this Warrant are defined in
Section 15 hereof.

                  (i) Exercise of Warrant. Subject to the provisions of Section
      8 hereof, this Warrant may be exercised at the option of the Holder in
      whole or in part at any time or from time to time prior to 5:00 p.m.,
      Eastern Time on October 1, 2004, or if October 1, 2004 is a Saturday,
      Sunday or a day on which banking

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<PAGE>

      institutions in New York, New York are authorized by law to close, then on
      the next succeeding day (a "Business Day") which shall not be such a day,
      by presentation and surrender hereof to the Company or at the office of
      its stock transfer agent, if any, with the Purchase Form annexed hereto
      duly executed, and accompanied by payment of the Exercise Price (other
      than in the case of the exercise of the Cashless Exercise Option set forth
      in Section 8 hereof), for the number of Securities specified in such
      Purchase Form, together with all federal and state taxes applicable upon
      such exercise. Upon exercise of this Warrant, the Holder shall be deemed
      to have represented and warranted to the Company that such Holder (x) is a
      "qualified institutional buyer" as defined in Rule 144A under the Act or
      an "accredited investor" as defined in Rule 501 under the Act, in either
      case with such knowledge and experience in financial and business matters
      as is necessary to evaluate the merits and risks of an investment in the
      Warrant Securities, and (y) such Holder is not acquiring the Warrant
      Securities with a view to any distribution thereof or with any intention
      of offering or selling any Warrant Securities in a transaction that would
      violate the Act or the securities laws of any state of the United States.
      If this Warrant should be exercised in part only, the Company shall, upon
      surrender of this Warrant for cancellation, execute and deliver a new
      Warrant evidencing the right of the Holder to purchase the balance of the
      Securities purchasable hereunder. Upon receipt by the Company of this
      Warrant at the office of the Company or at the office of the Company's
      stock transfer agent, in proper form for exercise and accompanied by the
      Exercise Price, if and as applicable, the Holder shall be deemed to be the
      holder of record of the Securities issuable upon such exercise,
      notwithstanding that the stock transfer books of the Company shall then be
      closed or that certificates representing such Securities shall not then be
      actually delivered to the Holder.

                  (ii) Reservation of Securities. The Company hereby agrees that
      at all times there shall be reserved for issuance and/or delivery upon
      exercise of this Warrant such number of shares of Securities as shall be
      required for issuance or delivery upon exercise of this Warrant. The
      Company covenants and agrees that, upon exercise of this Warrant and
      payment of the Exercise Price therefor, if and as applicable, all
      Securities and other securities issuable upon such exercise shall be duly
      and validly issued, fully paid, non-assessable and not subject to the
      preemptive rights of any stockholder. As long as this Warrant shall be
      outstanding, the Company shall use its best efforts to cause all
      Securities issuable upon the exercise of this Warrant to be listed
      (subject to official notice of issuance) on all securities exchanges or
      quotation systems on which its Class A Common Stock issued may then be
      listed and/or quoted.

                  (iii) Fractional Shares. No fractional shares or scrip
      representing fractional shares shall be issued upon the exercise of this
      Warrant. With respect to any fraction of a share called for upon any
      exercise hereof, the Company shall pay to the Holder an amount in cash
      equal to such fraction multiplied by the Prior Day Market Value of such
      fractional share.

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<PAGE>

                  (iv) Exchange, Assignment or Loss of Warrant. This Warrant is
      exchangeable, without expense, at the option of the Holder, upon
      presentation and surrender hereof to the Company or at the office of its
      stock transfer agent, if any, for other Warrants of different
      denominations entitling the Holder thereof to purchase (under the same
      terms and conditions as provided by this Warrant) in the aggregate the
      same number of Securities purchasable hereunder. Subject to compliance
      with the provisions of Section 10 hereof, this Warrant may be divided or
      combined with other Warrants of the same series upon presentation hereof
      at the office of the Company or at the office of its stock transfer agent,
      if any, issued together with a written notice specifying the names and
      denominations in which new Warrants are to be issued and signed by the
      Holder hereof. The term "Warrants" as used in this paragraph includes any
      Warrants issued in substitution for or replacement of this Warrant, or
      into which this Warrant may be divided or exchanged.

            Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of
loss, theft or destruction) of reasonably satisfactory indemnification, and upon
surrender and cancellation of this Warrant, if mutilated, the Company will
execute and deliver a new Warrant of like tenor and date. Any such new Warrant
executed and delivered shall constitute an additional contractual obligation on
the part of the Company, whether or not the Warrant so lost, stolen, destroyed,
or mutilated shall be at any time enforceable by anyone.

                  (v) Rights of the Holder. The Holder shall not, by virtue
      hereof, be entitled to any rights of a stockholder in the Company, either
      at law or equity, and the rights of the Holder are limited to those
      expressed in this Warrant and the registration rights agreement referenced
      in Section 16 hereof.

                  (vi) Certain Notices to Warrant Holders. The Company shall
      give prompt written notice to the Holder of any determination to make a
      distribution to the holders of its Class A Common Stock of any cash
      dividends, assets, debt securities, preferred stock, or any rights or
      warrants to purchase debt securities, preferred stock, assets or other
      securities (other than Class A Common Stock, or rights, options, or
      warrants to purchase Class A Common Stock) of the Company, which notice
      shall state the nature and amount of such planned dividend or distribution
      and the record date therefor, and shall be received by the Holder or sent
      to the Holder by reputable overnight courier, in either case to its
      address as provided in Section 9, at least 10 days prior to such record
      date therefor. The Company shall provide notice to the Holder that any
      tender offer is being made for securities of the same class as any Warrant
      Securities no later than the first Business Day after the day the Company
      becomes aware of any such tender offer. Notwithstanding any notice
      provided to the Holder pursuant to this Section 6, the Holder shall be
      entitled to any and all applicable adjustments to the Exercise Rate and
      the Exercise Price per Security as provided in Section 7 arising out of
      any event requiring notice to the Holder in this Section 6.

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<PAGE>

                  (vii) Adjustment of Exercise Rate and Exercise Price.

            The Exercise Rate and the Exercise Price are subject to adjustment
      from time to time upon the occurrence of the events enumerated in this
      Section 7. The Exercise Rate shall initially be the number of Securities
      for which this Warrant is initially exercisable as set forth in the
      introductory paragraph to this Warrant. In the event that this Warrant is
      transferred or exercised in part, the initial Exercise Rate of the portion
      not exercised or transferred shall be adjusted proportionately as shall
      the initial Exercise Rate of any partial transfer of this Warrant. For the
      purposes of Sections 7(a) and 7(b), (i) shares of Class A Common Stock
      issuable upon the exercise of this Warrant and all other warrants of the
      same series as this Warrant shall be deemed to be outstanding and (ii) all
      shares of Class A Common Stock that would be deemed to be outstanding as
      of the date of determination in respect of Convertible Securities, as
      determined in accordance with GAAP, shall be deemed to be outstanding.

                  Adjustment for Change in Capital Stock. If, after the Issue
                  Date, the Company:

            pays a dividend or makes a distribution on shares of its Class A
            Common Stock payable in shares of its Class A Common Stock (except
            to the extent any such dividend results in the grant, issuance, sale
            or making of Distribution Rights or Distributions (each as defined
            in Section 7(c)) to the Holder pursuant to Section 7(c));

            subdivides or splits its outstanding shares of Class A Common Stock
            into a greater number of shares; or

            combines its outstanding shares of Class A Common Stock into a
            smaller number of shares;

      then (1) the Exercise Rate in effect immediately prior to such action for
      this Warrant shall be adjusted by multiplying the Exercise Rate in effect
      immediately prior to such action by a fraction (A) the numerator of which
      shall be the number of shares of Class A Common Stock outstanding
      immediately after such action and (B) the denominator of which shall be
      the number of shares of Class A Common Stock outstanding immediately prior
      to such action or the record date applicable to such action, if any and
      (2) the Exercise Price per Security in effect immediately prior to such
      action shall be adjusted by multiplying the Exercise Price per Security in
      effect immediately prior to such action by a fraction (A) the numerator of
      which is one and (B) the denominator of which shall be the fraction
      calculated in clause (1) of the above formula. The adjustments shall
      become effective immediately after the record date in the case of a
      dividend or distribution and immediately after the effective date in the
      case of a subdivision or combination. In the event that such dividend or
      distribution is not so paid or made or such subdivision, combination or
      reclassification is not effected, the Exercise Rate and the Exercise Price
      per Security shall again be adjusted to be the Exercise Rate and the
      Exercise Price per Security which would then be in effect if such record
      date or effective date had not been so fixed.

                  Adjustment for Certain Sales of Class A Common Stock Below
                  Current Market Value. If, after the Issue Date, the Company
                  (i) grants or sells to any Affiliate of the Company (other
                  than a wholly owned subsidiary of the Company) or (ii) grants,
                  sells or offers to grant or sell to all holders of Class A
                  Common Stock, any shares of Class A Common Stock or
                  Convertible Securities (other than, in the case of each of
                  clauses (i) and (ii), (1) pursuant to any Convertible Security
                  outstanding as of the Issue Date, or (2) upon

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<PAGE>

                  the conversion, exchange or exercise of any Convertible
                  Security as to which upon the issuance thereof an adjustment
                  pursuant to this Section 7 has been made), at a price below
                  the then Current Market Value, the Exercise Rate and the
                  Exercise Price per Security for this Warrant shall be adjusted
                  in accordance with the formulae:

            E^1   =     E x (O+N)          $^1    =     $ x (O + N x P/M)
                     --------------                     ----------------
                     (O + (N x P/M))                         (O + N)

where:

     E^1    =    the adjusted Exercise Rate for this Warrant;

     E      =    the then current Exercise Rate for this Warrant;

     $^1    =    the adjusted Exercise Price per Security for this Warrant;

     $      =    the then current Exercise Price per Security for this Warrant;

     O      =    the number of shares of Class A Common Stock outstanding
                 immediately prior to the sale of such Class A Common Stock or
                 issuance of Convertible Securities;

     N      =    the number of shares of Class A Common Stock so sold or the
                 maximum stated number of shares of Class A Common Stock
                 issuable upon the conversion, exchange or exercise of any such
                 Convertible Securities;

     P      =    the proceeds per share of Class A Common Stock received by the
                 Company, which (i) in the case of shares of Class A Common
                 Stock is the amount received by the Company in consideration
                 for the sale and issuance of such shares; and (ii) in the case
                 of Convertible Securities is the amount received by the Company
                 in consideration for the sale and issuance of such Convertible
                 Securities, plus the minimum aggregate amount of additional
                 consideration, other than the surrender of such Convertible
                 Securities, payable to the Company upon exercise, conversion or
                 exchange thereof; and

     M      =    the Current Market Value as of the Time of Determination or at
                 the time of sale, as the case may be, of a share of Class A
                 Common Stock.

      The adjustments shall become effective immediately after the record date
for the determination of shareholders entitled to receive the rights, warrants
or options to which this paragraph (b) applies or upon consummation of the sale
of Class A Common Stock, as the case may be. To the extent that shares of Class
A Common Stock are not delivered after the expiration of such rights, warrants
or options or exercise, conversion or exchange rights in respect to such
Convertible Securities, the Exercise Rate and the Exercise Price per Security
for this Warrant shall be readjusted to the Exercise Rate and the Exercise Price
per Security which would otherwise be in effect had the adjustment made upon the
issuance of such rights, warrants or options or Convertible Securities been made
on the basis of delivery of only the number of shares of Class A Common Stock

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<PAGE>

actually delivered. In the event that such rights or warrants are not so issued,
the Exercise Rate and the Exercise Price per Security for this Warrant shall
again be adjusted to be the Exercise Rate and the Exercise Price per Security
which would then be in effect if such date fixed for determination of
shareholders entitled to receive such rights, warrants or options had not been
so fixed.

            No adjustments shall be made under this paragraph (b) if the
application of the formula stated above in this paragraph (b) would result in a
value of E^1 that is lower than the value of E.

            No adjustments shall be made under this paragraph (b) for any
adjustments which are the subject of paragraphs (a), (c) or (e) of this Section
7.

            Anything in this Warrant to the contrary notwithstanding, an event
which would otherwise give rise to adjustments pursuant to this Section 7(b)
shall not give rise to such adjustments if the Company grants, sells or offers
to sell shares of Class A Common Stock or Convertible Securities, in each case
on the same terms as the underlying event, to the Holder on a pro rata basis,
assuming for the purpose of this Section 7(b) that all warrants of the same
series as this Warrant had been exercised.

            Notwithstanding the foregoing, no adjustment in the Exercise Rate or
the Exercise Price per Security will be required in respect of: (a) the grant of
any stock option or other stock incentive award pursuant to any stock option or
stock incentive plan or arrangement as disclosed in the Company's Proxy
Statement dated February 22, 2000 or pursuant to any other customary
compensatory stock option or stock incentive plan for employees, officers and/or
directors, (b) the grant of any stock option or stock incentive award at an
exercise price at least equal to the then Prior Day Market Value, (c) the
exercise of any stock option or stock incentive or award or (d) any issuance or
conversion of any shares of the Company's Series A Convertible Preferred Stock.

                  Adjustment upon Certain Distributions.

                        If at any time after the Issue Date the Company grants,
                        issues or sells options, any Convertible Security, or
                        rights to purchase capital stock or other securities
                        (other than Class A Common Stock) pro rata to the record
                        holders or series of Class A Common Stock ("Distribution
                        Rights") or, without duplication, makes any distribution
                        (other than a distribution pursuant to a plan of
                        liquidation) other than a Permitted Cash Dividend (a
                        "Distribution") on shares of Class A Common Stock
                        (whether in cash, property, evidences of indebtedness,
                        or otherwise), then the Exercise Rate and the Exercise
                        Price per Security shall be adjusted in accordance with
                        the formulae:

      E^1   =      E x (M/(M-F))           $^1   =   $ x ((M-F)/M)

where:

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<PAGE>

      E^1   =      the adjusted Exercise Rate;

      E     =      the current Exercise Rate for this Warrant;

            $^1    =  the adjusted Exercise Price per Security for this Warrant;

            $      =  the current Exercise Price per Security for this Warrant;

      M     =      the Current Market Value per share of Class A Common Stock at
                   the Time of Determination;

      F     =      the fair market value at the Time of Determination of such
                   portion of the options, Convertible Securities, capital stock
                   or other securities, cash, property or assets distributable
                   pursuant to such Distribution Rights or Distribution per
                   share of outstanding Class A Common Stock.

            The adjustments shall become effective immediately after the Time of
Determination with respect to the shareholders entitled to receive the options,
Convertible Securities, warrants, cash, property, evidences of indebtedness or
other securities or assets to which this paragraph (c)(i) applies. No
adjustments shall be made under this paragraph (c) if the application of the
formula stated above in this paragraph (c)(i) would result in a value of E1 that
is lower than the value of E. This paragraph (c)(i) does not apply to any
securities which result in adjustments pursuant to paragraphs (a) or (b) of this
Section 7.

                        Anything in this Warrant to the contrary
                        notwithstanding, an event which would otherwise give
                        rise to adjustments pursuant to Section 7(c)(i) shall
                        not give rise to such adjustments (or to adjustments
                        pursuant to any other provision of this Section 7) if
                        the Company grants, issues or sells Distribution Rights
                        to the Holder or includes the Holder in such
                        Distribution, in each case on a pro rata basis, assuming
                        for the purpose of this Section 7(c)(ii) that all
                        warrants of the same series as this Warrant had been
                        exercised.

                        Notwithstanding anything to the contrary set forth in
                        this Section 7(c), if, at any time, the Company makes
                        any distribution pursuant to any plan of liquidation (a
                        "Liquidating Distribution") on shares of Class A Common
                        Stock (whether in cash, property, evidences of
                        indebtedness or otherwise), then, subject to applicable
                        law, the Company shall make to the Holder the aggregate
                        Liquidating Distribution which the Holder would have
                        acquired if the Holder had held the maximum number of
                        shares of Class A Common Stock acquirable upon the
                        complete exercise of this Warrant immediately before the
                        Time of Determination of shareholders entitled to
                        receive Liquidating Distributions.

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<PAGE>

                        Notice of Adjustments. Whenever the Exercise Rate and
                        Exercise Price per Security are adjusted, the Company
                        shall promptly mail to the Holder a notice of the
                        adjustments. The Company shall also provide the Holder
                        with a certificate from the Company's independent public
                        accountants briefly stating the facts requiring the
                        adjustments and the manner of computing it. The
                        certificate shall be conclusive evidence that the
                        adjustments are correct, absent manifest error.

                        Reorganization of Company; Fundamental Transaction.

                              If (x) the Company shall reclassify its Class A
                              Common Stock (other than a change in par value, or
                              from par value to no par value, or a subdivision
                              or combination thereof), or (y) the Company, in a
                              single transaction or through a series of related
                              transactions, consolidates with or merges with or
                              into any other person or sells, assigns,
                              transfers, leases, conveys or otherwise disposes
                              of all or substantially all of its properties and
                              assets to another person or group of affiliated
                              persons or is a party to a merger or binding share
                              exchange which, in the case of any of the
                              transactions referred to in this clause (y),
                              reclassifies or changes its outstanding Class A
                              Common Stock (each of (x) and (y) above being
                              referred to as a "Fundamental Transaction"), as a
                              condition to consummating any such Fundamental
                              Transaction, the Company, in the case of any such
                              reclassification referred to in clause (x), or the
                              person formed by or surviving any such
                              consolidation or merger if other than the Company
                              or the person to whom such transfer has been made
                              in the case of clause (y) above (the "Surviving
                              Person"), shall enter into a supplemental warrant
                              agreement. The supplemental warrant agreement
                              shall provide (a) that the Holder may exercise
                              this Warrant for the kind and amount of
                              securities, cash or other assets which the Holder
                              would have received immediately after the
                              Fundamental Transaction if the Holder had
                              exercised this Warrant immediately before the
                              effective date of the transaction (without giving
                              effect to the Cashless Exercise Option), assuming
                              (to the extent applicable) that the Holder (i) was
                              not a constituent person or an affiliate of a
                              constituent person to any transaction described in
                              clause (y) above, (ii) made no election with
                              respect to any transaction described in clause (y)
                              above, and (b) in the case of any transaction
                              described in clause (y) above, that the Surviving
                              Person shall succeed to and be substituted to
                              every right and obligation of the Company in
                              respect of this Warrant. The supplemental warrant
                              agreement shall provide for

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<PAGE>

                              adjustments which shall be as nearly equivalent as
                              may be practicable to the adjustments provided for
                              in this Section 7. The Surviving Person or the
                              Company, as applicable, shall mail to the Holder a
                              notice briefly describing the supplemental warrant
                              agreement. If the issuer of securities deliverable
                              upon exercise of this Warrant is an affiliate of a
                              Surviving Person, that issuer shall join in the
                              supplemental warrant agreement.

                              Notwithstanding the foregoing, if a Fundamental
                              Transaction shall occur and, upon consummation of
                              such Fundamental Transaction, consideration is
                              payable to holders of shares of Class A Common
                              Stock which consideration consists solely of cash,
                              assuming (to the extent applicable) that the
                              Holder (i) was not a constituent person or an
                              affiliate of a constituent person to a transaction
                              described in Section 7(e)(i)(y) above and (ii)
                              made no election with respect thereto, then the
                              Holder shall be entitled to receive distributions
                              upon consummation of such Fundamental Transaction
                              on an equal basis with holders of Class A Common
                              Stock as if this Warrant had been exercised
                              immediately prior to such event, less the
                              aggregate Exercise Price therefor; provided that
                              the Company or the Surviving Person, as the case
                              may be, may require the surrender of this Warrant
                              to such person prior to making any such
                              distribution to the Holder. Upon receipt of such
                              payment, if any, the rights of the Holder shall
                              terminate and cease and this Warrant shall expire.

                              If this paragraph (f) applies, it shall supersede
                              the application of paragraph (a), (b) or (c) of
                              this Section 7.

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<PAGE>

                        Other Events If any event occurs as to which the
                        provisions of this Section 7 are not strictly applicable
                        or, if strictly applicable, would not, in the good faith
                        judgment of the board of directors of the Company,
                        fairly and adequately protect the rights of the Holder
                        in accordance with the essential intent and principles
                        of such provisions, then such board of directors shall
                        make such adjustments in the application of such
                        provisions, in accordance with such essential intent and
                        principles, as shall be reasonably necessary, in the
                        good faith opinion of such board of directors, to
                        protect such rights as aforesaid, but in no event shall
                        any such adjustment have the effect of decreasing the
                        Exercise Rate or decreasing the number of Securities
                        issuable upon exercise of this Warrant or increasing the
                        Exercise Price per Security.

                        Company Determination Final. Any determination that the
                        Company or the board of directors of the Company must
                        make pursuant to this Section 7 shall be conclusive,
                        absent manifest error.

                        Specificity of Adjustments. Regardless of any
                        adjustments in the number or kind of shares purchasable
                        upon the exercise of this Warrant or the Exercise Price
                        per Security, this Warrant may continue to express the
                        same number and kind of Securities initially issuable
                        pursuant to this Warrant and the initial Exercise Price
                        per Security as set forth in the first paragraph hereof.

                        Voluntary Adjustment. The Company from time to time may
                        increase the Exercise Rate and correspondingly decrease
                        the Exercise Price per Security by any number and for
                        any period of time; provided, however, that such period
                        is not less than 20 Business Days. Whenever the Exercise
                        Rate is so increased and the Exercise Price per Security
                        is so decreased, the Company shall mail to the Holder a
                        notice thereof. The Company shall give the notice at
                        least 10 days before the date the increased Exercise
                        Rate and decreased Exercise Price per Security takes
                        effect. The notice shall state the increased Exercise
                        Rate and decreased Exercise Price per Security and the
                        period it will be in effect. A voluntary increase in the
                        Exercise Rate and decrease in the Exercise Price per
                        Security shall not change or adjust the Exercise Rate or
                        Exercise Price per Security otherwise in effect as
                        determined by this Section 7.

                        Multiple Adjustments. After an adjustment to the
                        Exercise Rate and Exercise Price per Security for this
                        Warrant under this Section 7, any subsequent event
                        requiring an adjustment under this Section 7 shall cause
                        an adjustment to the Exercise Rate and Exercise Price
                        per Security for this Warrant as so adjusted.

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<PAGE>

                        When De Minimis Adjustment May Be Deferred. No
                        adjustment in the Exercise Rate or Exercise Price per
                        Security shall be required unless such adjustment would
                        require an increase or decrease of at least 1% in the
                        Exercise Rate; provided, however, that any adjustments
                        which by reason of the foregoing are not required to be
                        made shall be carried forward and taken into account in
                        any subsequent adjustment. All calculations of the
                        Exercise Rate shall be rounded to the nearest whole
                        number. All calculations of the Exercise Price per
                        Security shall be rounded to the nearest ten thousandth
                        of one cent. No adjustments need be made for a change in
                        the par value of the Class A Common Stock and no
                        adjustments shall be deferred beyond the date on which
                        this Warrant is exercised.

                        Notwithstanding any adjustment to the Exercise Price
                        called for by this Section 7, in no event will the
                        Exercise Price per share of Class A Common Stock be
                        adjusted to an amount that is less than the par value
                        per share of the Class A Common Stock at the time of
                        such adjustment, and if, but for the provisions of this
                        Section 7(l), an adjustment to the Exercise Price would
                        be required under this Section 7 that would result in an
                        Exercise Price per share of Class A Common Stock that is
                        less than the par value per share of the Class A Common
                        Stock, then the Exercise Price shall be adjusted such
                        that the Exercise Price per share of Class A Common
                        Stock equals the par value of the Class A Common Stock.

                        Amendments of the Certificate of Incorporation. The
                        Company shall not amend its Certificate of Incorporation
                        to increase the par value of any Warrant Security such
                        that such par value would exceed the Exercise Price per
                        share of such Warrant Security.

                  (viii) Cashless Exercise. In lieu of exercising this Warrant
      for cash, the Holder shall have the right to exercise this Warrant or any
      portion thereof (the "Cashless Exercise Option") into Class A Common Stock
      as provided in this Section 8 at any time or from time to time during the
      period specified on page one of this Warrant by the surrender of this
      Warrant to the Company with a duly executed and completed Exercise Form
      marked to reflect cashless exercise. Upon exercise of the Cashless
      Exercise Option with respect to a particular number of shares subject to
      this Warrant and noted on the Exercise Form (the "Cashless Exercise
      Securities"), the Company shall deliver to the Holder (without payment by
      the Holder of any Exercise Price or any cash or other consideration) that
      number of shares of fully paid and nonassessable shares of Class A Common
      Stock equal to the quotient obtained by dividing (X) the value of this
      Warrant (or the specified portion hereof) on the Cashless Exercise Date,
      which value shall be determined by subtracting (A) the aggregate Exercise
      Price of the Cashless Exercise Securities immediately prior to the
      exercise of the Cashless Exercise Option from (B) the aggregate Prior Day
      Market Value of the Cashless Exercise

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<PAGE>

      Securities issuable upon exercise of this Warrant (or the specified
      portion hereof) on the Cashless Exercise Date (as herein defined) by (Y)
      the Prior Day Market Value of one share of Class A Common Stock on the
      Cashless Exercise Date (as herein defined).

            Expressed as a formula as shown below, such net issuance exercise
shall be computed as follows:

      X = B-A
          ---
           Y

where:

      X    =    the number of shares of Class A Common Stock that may be
                issued to the Holder

      Y    =    the Prior Day Market Value of one share of Class A Common
                Stock as of the Cashless Exercise Date

      A    =    the aggregate Exercise Price (i.e. the product determined by
                multiplying the Cashless Exercise Securities by the Exercise
                Price per Security)

      B    =    the aggregate Prior Day Market Value (i.e. the product
                determined by multiplying the Prior Day Market Value by the
                Cashless Exercise Securities).

               (ix) Notices. Any notices or certificates by the Company to
      the Holder and by the Holder to the Company shall be deemed delivered if
      in writing and delivered personally or sent by certified mail or reputable
      overnight courier, to the Holder, addressed as set forth in the
      Instructions for Registration of Warrant delivered to the Company, which
      may be superseded from time to time upon notice to the Company, and, if to
      the Company, addressed to Autotote Corporation, 750 Lexington Avenue, 25th
      Floor, New York, New York 10022, Attention: General Counsel. The Company
      may change its address for notice by written notice to the Holder.

                  (x) Limitations on Transferability. This Warrant may be
      divided or combined, upon request to the Company by the Holder, into a
      certificate or certificates evidencing the same aggregate number of
      Warrants. This Warrant may not be offered, sold, transferred, pledged or
      hypothecated in the absence of an effective registration statement as to
      this Warrant and such transaction filed under the Act, or an exception
      from the requirement of such registration, and compliance with the
      applicable federal and state securities laws. The Company may require an
      opinion of counsel satisfactory to the Company that such registration is
      not required and that such laws are complied with. The Company may treat
      the registered holder of this Warrant as he or it appears on the Company's
      books at any time as the Holder for all purposes. The Company shall permit
      the Holder or his duly authorized attorney, upon written request during
      ordinary business hours, to inspect and copy or make extracts from its
      books showing the registered holders of Warrants.

                                       12
<PAGE>

                  (xi) Transfer to Comply With the Securities Act of 1933. The
      Company may cause the following legend, or one similar thereto, to be set
      forth on this Warrant and on each certificate representing Warrant
      Securities, or any other security issued or issuable upon exercise of this
      Warrant, unless (a) the Company has received an opinion of counsel
      satisfactory to the Company as to any such certificate that such legend,
      or one similar thereto, is unnecessary or (b) a registration statement
      with respect to this Warrant and the Warrant Securities has become
      effective under the Act.

      "THIS SECURITY HAS NOT BEEN REGISTERED FOR RESALE UNDER THE SECURITIES ACT
      OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS AND MAY NOT
      BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
      AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITY AND SUCH
      DISPOSITION FILED UNDER THE ACT, OR AN EXEMPTION FROM REGISTRATION, AND
      COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS. THE ISSUER MAY REQUIRE
      AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER HEREOF THAT SUCH
      REGISTRATION IS NOT REQUIRED AND THAT SUCH LAWS ARE COMPLIED WITH."

                  (xii) Applicable Law. This Warrant shall be governed by, and
      construed in accordance with, the laws of the State of New York, without
      giving effect to conflict of law principles.

                  (xiii) Amendments. This Warrant may not be amended except in a
      writing signed by the Holder and the Company.

                  (xiv) Severability. If any provisions of this Warrant shall be
      held to be invalid or unenforceable, such invalidity or enforceability
      shall not affect any other provision of this Warrant.

                  (xv) Certain Definitions. In addition to the capitalized terms
      defined elsewhere in this Warrant, the following capitalized terms shall
      have the meanings set forth below.

            "Act" shall mean the Securities Act of 1933, as amended, together
      with the rules and regulations promulgated thereunder.

            "Affiliate" of a person shall mean a person who directly or
indirectly through one or more intermediaries controls, or is controlled by, or
is under common control with, such person. The term "control" means the power to
direct or cause the direction of the management and policies of a person,
whether through the ownership of voting securities, by contract or otherwise.

            "Convertible Security" shall mean any security convertible into or
exchangeable or exercisable for Class A Common Stock, including but not limited
to, rights, options or warrants entitling the holder thereof to acquire Class A
Common Stock or any security convertible into or exchangeable for Class A Common
Stock.

                                       13
<PAGE>

            "Current Market Value" per share of Class A Common Stock of the
Company at any date shall mean:

                                    if Class A Common Stock is not then
                                    registered under the Exchange Act and traded
                                    on a national securities exchange or on the
                                    Nasdaq National Market System,

                  (a) the value of such Class A Common Stock, determined in good
            faith by the board of directors of the Company and certified in a
            board resolution, taking into account the most recently completed
            arms-length transaction between the Company and a person other than
            an Affiliate of the Company and the closing of which occurs on such
            date or shall have occurred within the six-month period preceding
            such date, or

                  (b) if no such transaction shall have occurred on such date or
            within such six-month period, the fair market value of the security
            as determined by a nationally recognized investment bank; provided,
            however, that, in the case of the calculation of Current Market
            Value for determining the cash value of fractional shares, no such
            determination by an investment bank shall be required and the good
            faith judgment of the board of directors as to such value shall be
            conclusive, or

                  (a) if Class A Common Stock is then registered under the
            Exchange Act and traded on a national securities exchange or on the
            Nasdaq National Market System, the average of the daily closing
            sales prices of such Class A Common Stock for the 20 consecutive
            trading days immediately preceding such date, or

                  (b) if Class A Common Stock has been registered under the
            Exchange Act and traded on a national securities exchange or on the
            Nasdaq National Market System for less than 20 consecutive trading
            days before such date, then the average of the daily closing sales
            prices for all of the trading days before such date for which
            closing sales prices are available,

            in the case of each of (2)(a) and (2)(b), as certified by the Chief
            Executive Officer, the President, any Executive Vice President or
            the Chief Financial Officer or Treasurer of the Company. The closing
            sales price of each such trading day shall be the closing sales
            price, regular way, on such day or, if no sale takes place on such
            day, the average of the closing bid and asked prices on such day.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, together with the rules and regulations promulgated thereunder.

            "GAAP" shall mean generally accepted accounting principles in the
United States as in effect on October 2, 2000.

                                       14
<PAGE>

            "Issue Date" shall mean October 2, 2000.

            "Permitted Cash Dividend" shall mean any regular cash dividend in
respect of Class A Common Stock declared after October 2, 2005 that, together
with all such dividends (other than dividends with respect to which an
adjustment has been made pursuant to Section 7(c)(i) or a dividend which was
also paid on a pro rata basis to the Holder as contemplated by Section 7(c)(ii))
declared in respect of Class A Common Stock during the previous twelve months,
on a per share basis, does not exceed 5% of the average closing sales prices per
share of the Class A Common Stock for each trading day during such twelve month
period; provided that no dividend shall be a Permitted Cash Dividend if the
Class A Common Stock is not at the time such dividend is declared registered
under the Exchange Act and traded on a national securities exchange or on the
Nasdaq National Market System.

            "Prior Day Market Value" per share of Class A Common Stock of the
Company at any date shall mean:

                  (1) if Class A Common Stock is not then registered under the
      Exchange Act and traded on a national securities exchange or on the Nasdaq
      National Market System, the Current Market Value per share of Class A
      Common Stock, or

                  (2) if Class A Common Stock is then registered under the
      Exchange Act and traded on a national securities exchange or on the Nasdaq
      National Market System, the closing sales price of Class A Common Stock
      for the trading day ending immediately prior to the event causing the
      Prior Day Market Value to be determined.

            "Time of Determination" shall mean (i) in the case of any
distribution of securities or other property to existing shareholders to which
Section 7(b) or (c) applies, the time and date of the determination of
shareholders entitled to receive such securities or property or (ii) in the case
of any other issuance and sale to which Section 7(b) or 7(c) applies, the time
and date of such issuance or sale.

                                       15
<PAGE>

                  (xvi) Warrant Registration Rights Agreement. The Holder shall
      be entitled to the benefits of the Warrant Registration Rights Agreement,
      dated as of the Issue Date, by and among the Company and Ramius
      Securities, LLC.

                                    AUTOTOTE CORPORATION

                                    By:_________________________________________
                                       Name:  Martin E. Schloss
                                       Title: Vice President and General Counsel

Dated: As of October 2, 2000

Attest:

                                       16
<PAGE>

                                  PURCHASE FORM

                                                        Dated ____________, 20__

            The undersigned hereby irrevocably elects to exercise this Warrant
to the extent of shares of Class A Common Stock (without giving effect to the
Cashless Exercise Option).

            The undersigned

      |_|   has concurrently herewith made payment of $        in payment of the
            aggregate Exercise Price.

      |_|   elects to use the Cashless Exercise Option provided for in this
            Warrant (the number of Securities delivered will be net of the
            number applied to the aggregate Exercise Price).

            If the issuance of the Warrant Securities is not registered under
the Securities Act of 1933, as amended, the undersigned makes the representation
and warranty set forth in Section 1 of this Warrant.

                   INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name ___________________________________________________________________________
                  (please typewrite or print in block letters)

Address ________________________________________________________________________

Signature ______________________________________________________________________

                                 ASSIGNMENT FORM

FOR VALUE RECEIVED,_____________________________________________________________
hereby sells, assigns and transfers unto

Name ___________________________________________________________________________
                  (please typewrite or print in block letters)

Address ________________________________________________________________________
the right to purchase shares of Class A Common Stock as represented by this
Warrant to the extent of shares of Class A Common Stock as to which such right
is exercisable and does hereby irrevocably constitute and appoint,______________
attorney, to transfer the same on the books of the Company with full power of
substitution in the premises.

Signature ______________________________________________________________________

Dated:  _______________ 20____

                                       17
<PAGE>

                    INSTRUCTIONS FOR REGISTRATION OF WARRANT

Name ___________________________________________________________________________
                  (please typewrite or print in block letters)

Address ________________________________________________________________________

Signature ______________________________________________________________________

                                       18Exhibit 10.30

                                     WARRANT
                          REGISTRATION RIGHTS AGREEMENT

                              AUTOTOTE CORPORATION

           Warrants to Purchase 250,000 Shares of Class A Common Stock

                           Dated as of October 2, 2000

                             RAMIUS SECURITIES, LLC

                                       1
<PAGE>

                      WARRANT REGISTRATION RIGHTS AGREEMENT

            This WARRANT REGISTRATION RIGHTS AGREEMENT (this "Agreement") is
made and entered into as of October 2, 2000, by and between AUTOTOTE
CORPORATION, a Delaware corporation (the "Company"), and the undersigned (the
"Securityholder").

            The Securityholder is the beneficial owner of certain Registrable
Securities (as defined below) issued by the Company. The Company and the
Securityholder deem it to be in their respective best interests to set forth the
rights of the Securityholder in connection with public offerings and sales of
the Registrable Securities.

            NOW, THEREFORE, in consideration of the premises and mutual
covenants and obligations hereinafter set forth, the Company and the
Securityholder, intending legally to be bound, hereby agree as follows.

            Section 2. Definitions. As used in this Agreement, the following
terms shall have the following meanings:

            "Affiliate" of any person means any other person who either directly
or indirectly is in control of, is controlled by, or is under common control
with such person.

            "Business Day" shall mean any Monday, Tuesday, Wednesday, Thursday
or Friday that is not a day on which banking institutions in The City of New
York are authorized by law, regulation or executive order to close.

            "Common Stock" shall mean the Class A common stock, par value $.01,
of the Company.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended (or any similar successor federal statute), and the rules and
regulations thereunder, as the same are in effect from time to time.

            "Holder" shall mean any Person that beneficially owns Registrable
Securities, including such successors and assigns as acquire Registrable
Securities, directly or indirectly, from such Person. For purposes of this
Agreement, the Company may deem the registered holder of a Registrable Security
as the Holder thereof.

            "Person" shall mean an individual, partnership, corporation, limited
liability company, joint venture trust or unincorporated organization, a
government or agency or political subdivision thereof or any other entity.

            "Prospectus" shall mean the prospectus included in any Registration
Statement, as amended or supplemented by a prospectus supplement with respect to
the terms of the offering of any portion of the Registrable Securities covered
by such Registration Statement and by all other amendments and supplements to
the prospectus, including post-effective amendments and all material
incorporated by reference in such prospectus.

                                       2
<PAGE>

            "Registrable Securities" shall mean (i) the 250,000 shares of Common
Stock issuable upon the exercise of the Warrant (ii) any other securities issued
or issuable as a result of, or in connection with, any stock dividend, stock
split or reverse stock split, combination, recapitalization, reclassification,
merger or consolidation, exchange or distribution in respect of the Common Stock
referred to in clause (i) above.

            "Registration Statement" shall mean any registration statement which
covers any of the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included therein, all amendments and
supplements to such Registration Statement, including post-effective amendments,
all exhibits and all material incorporated by reference in such Registration
Statement.

            "Restricted Securities" shall have the meaning set forth in Section
2 hereof.

            "Rule 144" shall mean Rule 144 promulgated under the Securities Act,
as amended from time to time, or any similar successor rule thereto that may be
promulgated by the SEC.

            "Rule 415" shall mean Rule 415 promulgated under the Securities Act,
as amended from time to time, or any similar successor rule thereto that may be
promulgated by the SEC.

            "Rule 903" shall mean Rule 903 promulgated under the Securities Act,
as amended from time to time, or any similar successor rule thereto that may be
promulgated by the SEC.

            "Rule 904" shall mean Rule 904 promulgated under the Securities Act,
as amended from time to time, or any similar successor rule thereto that may be
promulgated by the SEC.

            "SEC" shall mean the Securities and Exchange Commission, or any
other federal agency at the time administering the Securities Act.

            "Securities Act" shall mean the Securities Act of 1933, as amended
(or any similar successor federal statute), and the rules and regulations
thereunder, as the same are in effect from time to time.

            "Underwritten Offering" shall mean a registered offering in which
securities of the Company are sold to an underwriter for reoffering to the
public.

            "Warrant" shall mean the warrant, of even date herewith, issued to
the Securityholder initially to acquire 250,000 shares of Common Stock.

            Section 3. Securities Subject to this Agreement. The securities
entitled to the benefits of this Agreement are the Registrable Securities but,
with respect to any particular Registrable Security, only so long as such
security continues to be a Restricted Security. A Registrable Security that has
ceased to be a Registrable Security cannot

                                       3
<PAGE>

thereafter become a Registrable Security. As used herein, a Restricted Security
is a Registrable Security which has not been effectively registered under the
Securities Act and distributed in accordance with an effective Registration
Statement and which has not been distributed by the Holder pursuant to Rule 144,
Rule 903 or Rule 904, unless, in the case of a Registrable Security distributed
pursuant to Rule 903 or 904, any applicable restricted period has not expired or
the SEC or its staff has taken the position in a published release, ruling or
no-action letter that securities distributed under Rule 903 or 904 are
ineligible for resale in the United States under Section 4(1) of the Securities
Act notwithstanding expiration of the applicable restricted period.

            Section 4. Piggyback Registration.

            (a) If the Company at any time proposes to file a registration
statement with respect to any class of equity securities for its own account
(other than in connection with the Registration Statement on Form S-4 or S-8 (or
any successor or substantially similar form), or of (i) an employee stock
option, stock purchase or compensation plan or of securities issued or issuable
pursuant to any such plan, or (ii) a dividend reinvestment plan), other than for
the registration of securities for sale on a continuous or delayed basis
pursuant to Rule 415, or for the account of any other holder exercising
registration rights, then the Company shall in each case give written notice of
such proposed filing to the Holder of Registrable Securities at least fifteen
(15) days before the anticipated filing date of any such registration statement
by the Company, and such notice shall offer to the Holder the opportunity to
have any or all of the Registrable Securities held by the Holder included in
such registration statement. The Holder of Registrable Securities desiring to
have its Registrable Securities registered under this Section 3 shall so advise
the Company in writing within ten (10) days after the date such notice is given
(which request shall set forth the amount of Registrable Securities for which
registration is requested), and the Company shall use its best reasonable
efforts to include in such Registration Statement all such Registrable
Securities so requested to be included therein.

            (b) Notwithstanding the foregoing, if the managing underwriter or
underwriters of any such proposed public offering advise the Company that the
total amount or kind of securities which the Holder of Registrable Securities,
the Company and any other persons or entities intended to be included in such
proposed public offering is sufficiently large to adversely affect the success
of such proposed public offering, then the amount or kind of securities to be
offered for the account of the Holder of Registrable Securities shall be
allocated first to the Company and any holder of securities including securities
in such Registration Statement pursuant to the exercise of demand registration
rights (a "Requesting Securityholder"), then reduced pro rata, together with the
amount or kind of securities to be offered for the accounts of any other persons
requesting registration of securities pursuant to rights similar to the rights
of the Holder under this Section 3, to the extent necessary to reduce the total
amount or kind of securities to be included in such proposed public offering to
the amount or kind recommended by such managing underwriter or underwriters
before the securities offered by the Company or any Requesting Securityholder
are so reduced. Anything to the contrary in this Agreement notwithstanding, the
Company may withdraw or postpone a Registration Statement referred to herein at
any time before it becomes effective or withdraw,

                                       4
<PAGE>

postpone or terminate the offering after it becomes effective without obligation
to the Securityholder or any Holder of the Registrable Securities.

            (c) In connection with its obligation under this Section 3, the
Company will (i) furnish to the selling Holder of Registrable Securities without
charge, at least one copy of any effective Registration Statement and any
post-effective amendments thereto, including financial statements and schedules,
and, if the Holder so requests in writing, all documents incorporated therein by
reference and all exhibits (including those incorporated by reference) in the
form filed with the SEC; and (ii) deliver to the selling Holder of Registrable
Securities and the underwriters, if any, without charge, as many copies of the
then effective Prospectus (including each prospectus subject to completion) and
any amendments or supplements thereto as such Persons may reasonably request.

            (d) As a condition to the inclusion of its Registrable Securities,
Holder shall furnish to the Company such information regarding such Holder and
the distribution proposed by such Holder as the Company may request in writing
or as shall be required in connection with any registration, qualification or
compliance referred to in this Agreement.

            (e) Holder of Registrable Securities agrees by acquisition of such
Registrable Securities that, upon receipt of any notice from the Company of the
happening of any event that, in the good faith judgment of the Company's Board
of Directors, requires the suspension of the Holder's rights under this Section
3, such Holder will forthwith discontinue disposition of Registrable Securities
pursuant to the then current Prospectus until such Holder is advised in writing
by the Company that the use of the Prospectus may be resumed. If the Company
shall have given any such notice during a period when a Registration Statement
is in effect, the Company shall extend the period during which such registration
statement shall be maintained effective pursuant to this Agreement by the number
of days during which any such disposition of Registrable Securities is
discontinued pursuant to this Subsection 3(e). If so directed by the Company, on
the happening of such event, the Holder will deliver to the Company (at the
Company's expense) all copies, other than permanent file copies then in such
Holder's possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice.

            (f) Holder hereby covenants with the Company (i) not to make any
sale of the Registrable Securities without effectively causing the prospectus
delivery requirements under the Securities Act to be satisfied, and (ii) if such
Registrable Securities are to be sold by any method or in any transaction other
than on a national securities exchange, the Nasdaq National Market, Nasdaq
SmallCap Market or in the over-the-counter market, in privately negotiated
transactions, or in a combination of such methods, to notify the Company at
least five (5) business days prior to the date on which the Holder first offers
to sell any such Registrable Securities.

            (g) Holder acknowledges and agrees that the Registrable Securities
sold pursuant to the Registration Statement described in this Agreement are not

                                       5
<PAGE>

transferable on the books of the Company unless the stock certificate submitted
to the transfer agent evidencing such Registrable Securities is accompanied by a
certificate reasonably satisfactory to the Company to the effect that (i) the
Registrable Securities have been sold in accordance with such Registration
Statement and (ii) the requirement of delivering a current Prospectus has been
satisfied.

            (h) Holder shall not take any action with respect to any
distribution deemed to be made pursuant to such Registration Statement, which
would constitute a violation of Regulation M under the Exchange Act, or any
other applicable rule, regulation or law.

            (i) Upon the expiration of the effectiveness of any Registration
Statement, the Holder of Registrable Securities included in the Registration
Statement shall discontinue sales of shares pursuant to such Registration
Statement upon receipt of notice from the Company of its intention to remove
from registration the shares covered by such Registration Statement which remain
unsold, and such Holders shall notify the Company of the number of shares
registered which remain unsold immediately upon receipt of such notice from the
Company.

            (j) In the case of the registration of any underwritten primary
offering initiated by the Company (other than any registration by the Company on
Form S-4 or Form S-8 (or any successor or substantially similar form), or of (i)
an employee stock option, stock purchase or compensation plan or of securities
issued or issuable pursuant to any such plan, or (ii) a dividend reinvestment
plan) or any underwritten secondary offering initiated at the request of a
holder of securities of the Company pursuant to registration rights granted by
the Company, Holder agrees not to effect any public sale or distribution of
securities of the Company, except as part of such underwritten registration,
during the period beginning fifteen (15) days prior to the closing date of such
underwritten offering and during the period ending ninety (90) days after such
closing date (or such longer period as may be reasonably requested by the
Company or by the managing underwriter or underwriters).

            (k) Anything to the contrary contained in this Agreement
notwithstanding, when, in the opinion of counsel for the Company, registration
of the Registrable Securities is not required by the Securities Act, in
connection with a proposed sale of such Registrable Securities, the Holder shall
have no rights pursuant to this Section 3. In furtherance and not in limitation
of the foregoing, Holder shall have no rights pursuant to this Section 3 at such
time as all of Holder's Registrable Securities may be sold in a three-month
period pursuant to Rule 144.

            Section 5. Registration Expenses. All expenses incident to the
Company's performance of or compliance with this Agreement will be borne by the
Company, regardless of whether a Registration Statement becomes effective,
including, without limitation: (i) all registration and filing fees; (ii) all
reasonable fees and expenses of compliance with federal securities and state
Blue Sky or securities laws; (iii) all reasonable expenses of printing
(including printing Prospectuses), messenger and delivery services and
telephone; (iv) all reasonable fees and disbursements of counsel for

                                       6
<PAGE>

the Company; (v) all applications and filing fees in connection with listing the
Registrable Securities on a national securities exchange or automated quotation
system pursuant to the requirements hereof; and (vi) all reasonable fees and
disbursements of independent certified public accountants of the Company
(including the expenses of any special audit and comfort letters required by or
incident to such performance). Notwithstanding anything in this Section 4 to the
contrary, the Company shall not be required to pay any underwriting discounts,
commissions or transfer taxes, if any, relating to the sale of disposition of
any Holder's Restricted Securities.

            The Company will, in any event, bear its internal expenses
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expenses of any annual
audit and the fees and expenses of any person, including special experts,
retained by the Company.

            Section 6. Indemnification.

            (a) The Company agrees to indemnify and hold harmless each Holder,
its directors, officers, partners, employees, representatives and agents and
each person, if any, who controls such Holder (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act), from and against any
and all losses, claims, damages, liabilities, judgments (including, without
limitation, any legal or other expenses incurred in connection with
investigating or defending any matter, including any action that could give rise
to any such losses, claims, damages, liabilities or judgments) directly or
indirectly caused by, related to, based upon, arising out of or in connection to
any untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement, preliminary prospectus or Prospectus (or any
amendment or supplement thereto) provided by the Company to any Holder or any
prospective purchaser of Restricted Securities, or any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as such
losses, claims, damages, liabilities or judgments are caused by an untrue
statement or omission or alleged untrue statement or omission that is made in
reliance upon and in conformity with information relating to any Holder
furnished in writing to the Company by any such Holder.

            (b) Each Holder of Restricted Securities agrees, severally and not
jointly, to indemnify and hold harmless the Company, its directors and officers,
and each person, if any, who controls (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) the Company, to the same
extent as the foregoing indemnity from the Company set forth in Section 5(a)
hereof, but only with reference to information relating to such Holder furnished
in writing to the Company by such Holder expressly for use in any Registration
Statement. In case any action or proceeding shall be brought against the Company
or its directors or officers or any such controlling person in respect of which
indemnity may be sought against a Holder of Restricted Securities, such Holder
shall have the rights and duties given the Company, and the Company, such
directors or officers or such controlling person shall have the rights and
duties given to each Holder by the preceding paragraph. In no event shall any
Holder, its directors, officers or any person who controls such Holder be liable
or responsible for any amount in excess of the amount by which the total amount
received by such Holder with respect

                                       7
<PAGE>

to its sale of Restricted Securities pursuant to a Registration Statement
exceeds (i) the amount paid by such Holder for such Restricted Securities and
(ii) the amount of any damages that such Holder, its directors, officers or any
person who controls such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission.

            (c) In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 5(a) or 5(b) (the
"indemnified party"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "indemnifying party") in writing,
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all fees and expenses of such counsel, as incurred (except that,
in the case of any action in respect of which indemnity may be sought pursuant
to both Sections 5(a) and 5(b), a Holder shall not be required to assume the
defense of such action pursuant to this Section 5(c), but may employ separate
counsel and participate in the defense thereof, but the fees and expenses of
such counsel, except as provided below, shall be at the expense of the Holder).
Any indemnified party shall have the right to employ separate counsel in any
such action and participate in the defense thereof, but the fees and expenses of
such counsel shall be at the expense of the indemnified party, unless (i) the
employment of such counsel shall have been specifically authorized in writing by
the indemnifying party, (ii) the indemnifying party shall have failed to assume
the defense of such action or employ counsel reasonably satisfactory to the
indemnified party or (iii) the named parties to any such action (including any
impleaded parties) include both the indemnified party and the indemnifying
party, and the indemnified party shall have been advised by such counsel that
there may be one or more legal defenses available to it which are different from
or additional to those available to the indemnifying party (in which case the
indemnifying party shall not have the right to assume the defense of such action
on behalf of the indemnified party). In any such case, the indemnifying party
shall not, in connection with any one action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the fees and expenses of
more than one separate firm of attorneys (in addition to any local counsel) for
all indemnified parties and all such fees and expenses shall be reimbursed as
they are incurred. Such firm shall be designated in writing by a majority of the
Holders, in the case of the parties indemnified pursuant to Section 5(a), and by
the Company, in the case of parties indemnified pursuant to Section 5(b). The
indemnifying party shall indemnify and hold harmless the indemnified party from
and against any and all losses, claims, damages, liabilities and judgments by
reason of any settlement of any action (i) effected with its written consent or
(ii) effected without the indemnifying party's written consent if the settlement
is entered into more than 60 days after the indemnifying party shall have
received a request from the indemnified party for reimbursement for the fees and
expenses of counsel (in any case where such fees and expenses are at the expense
of the indemnifying party) and, prior to the date of such settlement, the
indemnifying party shall have failed to comply with such reimbursement request.
Except as provided in the preceding sentence, no indemnifying party shall be
liable for any settlement effected without its consent. The indemnifying party
shall not, without the prior written consent of the indemnified party, effect
any settlement or

                                       8
<PAGE>

compromise of, or consent to the entry of judgment with respect to, any pending
or threatened action in respect of which the indemnified party is or could have
been a party and indemnity or contribution may be or could have been sought
hereunder by the indemnified party, unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all
liability on claims that are or could have been the subject matter of such
action and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of the indemnified party.

            (d) To the extent that the indemnification provided for in this
Section 5 is unavailable to an indemnified party under Section 5(a) or Section
5(b) hereof (other than by reason of exceptions provided in those sections) in
respect of any losses, claims, damages, liabilities, expenses or judgments
referred to therein, then each indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages, liabilities,
expenses or judgments in such proportion as is appropriate to reflect the
relative fault of the Company, on the one hand, and of the Holders, on the other
hand, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities, expenses or judgments, as well as any
other relevant equitable considerations. The relative fault of the Company, on
the one hand, and of the Holders, on the other hand, shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, on the one hand, or by the
Holders, on the other hand, and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, claims,
damages, liabilities, expenses and judgments referred to above shall be deemed
to include, subject to the limitations set forth in Section 5(a), any legal or
other fees or expenses reasonably incurred by such party in connection with
investigating or defending any action or claim.

            The Company and each Holder agree that it would not be just and
equitable if contribution pursuant to this Section 5(d) were determined by pro
rata allocation (even if the Holders were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities, expenses or judgments referred to above shall be
deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any matter, including any action that could have
given rise to such losses, claims, damages, liabilities, expenses or judgments.
Notwithstanding the provisions of this Section 5, no Holder, its directors, its
officers or any person, if any, who controls such Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the
total received by such Holder with respect to the sale of Restricted Securities
pursuant to a Registration Statement exceeds the sum of (i) the amount paid by
such Holder for such Restricted Securities plus (ii) the amount of any damages
which such Holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Holders' obligations to
contribute pursuant to this Section 5(d) are several in proportion to the
respective principal amount of Restricted Securities held by each Holder
hereunder and not joint.

                                       9
<PAGE>

            (e) The Company agrees that the indemnity and contribution
provisions of this Section 5 shall apply to the Securityholder to the same
extent, on the same conditions, as it applies to Holders.

            Section 7. Participation in Underwritten Registrations.

            (a) The determination of whether any offering of Registrable
Securities will be an Underwritten Offering shall be made in good faith judgment
of the Board of Directors of the Company. In the event that the Board of
Directors of the Company determines that such offering shall be an Underwritten
Offering, the investment banker or investment bankers and manager or managers
that will administer the offering will be selected by the Company.

            (b) No Person may participate in any Underwritten Offering hereunder
unless such Person (i) agrees to sell such Person's Registrable Securities on
the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents required under the terms of such underwriting arrangements.
Nothing in this Section 6 shall be construed to create any additional rights
regarding the registration of Registrable Securities in any Person otherwise
than as set forth herein.

            Section 8. Rule 144. The Company agrees with each Holder, for so
long as any Restricted Securities remain outstanding and during any period in
which the Company (i) is not subject to Section 13 or 15(d) of the Exchange Act,
to make available, upon request of any Holder, to such Holder or beneficial
owner of Restricted Securities in connection with any sale thereof and any
prospective purchaser of such Restricted Securities designated by such Holder or
beneficial owner, the information required by Rule 144A(d)(4) under the
Securities Act in order to permit resales of such Restricted Securities pursuant
to Rule 144A, and (ii) is subject to Section 13 or 15(d) of the Exchange Act, to
make all filings required thereby in a timely manner in order to permit resales
of such Restricted Securities pursuant to Rule 144.

            Section 9. Miscellaneous.

            (a) Remedies. The Company acknowledges and agrees that any failure
by the Company to comply in all material respects with its obligations under
Section 3 hereof may result in material irreparable injury to the Securityholder
or the Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Securityholder or any Holder may obtain such relief as
may be required under applicable law to specifically enforce the Company's
obligations under Section 3 hereof.

            (b) No Inconsistent Agreements. The Company will not, on or after
the date of this Agreement, enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof. The rights granted
to the Holders hereunder do not

                                       10
<PAGE>

in any way conflict with and are not inconsistent with the rights granted to the
holders of the Company's securities under any agreement in effect on the date
hereof.

            (c) Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given, unless (i) in the case of this
Section 8(c)(i), the Company has obtained the written consent of Holders of all
outstanding Restricted Securities, and (ii) in the case of all other provisions
hereof, the Company has obtained the written consent of Holders of a majority of
the outstanding principal amount of Restricted Securities (excluding Restricted
Securities held by the Company or its Affiliates).

            (d) Third Party Beneficiary. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Securityholder, on the other hand, and shall have the right to
enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect its rights or the rights of Holders hereunder.

            (e) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered, return receipt requested), telex, telecopier, or air courier
guaranteeing overnight delivery:

                  (i) if to a Holder, at the address set forth on the records of
      the Company; and

                  (ii) if to the Company:

                               Autotote Corporation
                               750 Lexington Avenue, 25th Floor
                               New York, New York 10022
                               Facsimile No.: (212) 754-2372
                               Attention: General Counsel

                               With a copy to:

                               Kramer Levin Naftalis & Frankel LLP
                               919 Third Avenue
                               New York, New York 10022
                               Facsimile No.: (212) 715-8000
                               Attention: Peter Smith, Esq.

            All such notices and communications shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed;
when receipt acknowledged, if telecopied; and on the next Business Day, if
timely delivered to an air courier guaranteeing overnight delivery.

                                       11
<PAGE>

            The address or person or entity to whose attention any notice or
communication shall be given may be changed in accordance with the provisions of
this Section 8(e).

            Upon the date of filing a Registration Statement, notice shall be
delivered to the Securityholder (in the form attached hereto as Exhibit A) at
the most current address given by the Securityholder to the Company, in
accordance with the provisions of this Section 8(e), which address initially is
listed below the Securityholder's name on the signature page hereof.

            (f) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including, without limitation, and without the need for an express
assignment, subsequent Holders; provided, however, that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Restricted
Securities in violation of the terms hereof or of the Warrant. If any transferee
of any Holder shall acquire Restricted Securities in any manner, whether by
operation of law or otherwise, such Restricted Securities shall be held subject
to all of the terms of this Agreement, and by taking and holding such Restricted
Securities such person shall be conclusively deemed to have agreed to be bound
by and to perform all of the terms and provisions of this Agreement, including
the restrictions on resale set forth in this Agreement and such person shall be
entitled to receive the benefits hereof.

            (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

            (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

            (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF.

            (j) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

            (k) Entire Agreement. This Agreement is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted

                                       12
<PAGE>

with respect to the Restricted Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

                            SIGNATURE PAGE TO FOLLOW

                                       13
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first written above.

                                    AUTOTOTE CORPORATION

                                    By:_________________________________________
_________                              Name: Martin E. Schloss
                                       Title: Vice President and General Counsel

                                    THE SECURITYHOLDER:

                                    RAMIUS SECURITIES, LLC

                                    By: Ramius Capital Group, LLC
                                    Its: Investment Advisor
                                    By: C4S & Co., LLC
                                    Its: Managing Member

                                    By:_________________________________________
_________                              Name:  Peter A. Cohen
                                       Title: Managing Member

                                    Address for Notices:

                                    Ramius Securities, LLC
                                    666 Third Avenue, 26th Floor
                                    New York, NY 10017
                                    Attn: Peter A. Cohen

                                       14

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