Global Sports & Entertainment Announces Strategic Alliance With Offshore Gaming Association -OSGA- & Gamblers World.com Web Sites

Business Wire, August 5, 2002

Business/Entertainment Editors, Gaming Writers

LAS VEGAS--(BUSINESS WIRE)--Aug. 5, 2002

Global Sports & Entertainment (OTCBB:GWIN) Chairman and CEO Wayne Allyn Root today announced a strategic web alliance with The Off Shore Gaming Association (OSGA) and Gamblers World.com web sites. Root and his team of GWIN handicappers are also the recipients of the first and only OSGA endorsement and certification of a professional sports handicapper.

Commenting on the announcement, Root said, "These two web sites are among the most visited and most respected gaming information sites on the Internet. OSGA.com and GamblersWorld.com offer customers unbiased information and education about the most reliable brand names in gaming. Global Sports & Entertainment is the global brand name in sports handicapping advice and predictions - as well as the only publicly traded sports handicapping company in America. A recent research report by Investrend reported that 15 million gamblers will be online by 2004. These gamblers will continue to look to OSGA and GamblersWorld.com for gaming and handicapping choices. We are proud to be the first and only handicappers endorsed and certified by OSGA. We believe this deal will help fuel GWIN's continued dramatic annual revenue growth."

The announcement today culminates many months of talks between the OSGA and handicapping services around the globe. The result is that Richard Moss, President of both OSGA and Gamblers World.com, has announced his endorsement of the handicapping and advice services of Wayne Allyn Root and the full range of Global Sports & Entertainment's handicapping products.

Richard Moss stated, "The synergy that our company has had with Wayne and his organization led to the decision to form an alliance of unequalled proportions in the gaming industry. OSGA has never before provided a seal of approval to a handicapper. We are that comfortable with the integrity of Wayne Allyn Root and his commitment to excellence."

The Off Shore Gaming Association, based in Philadelphia, PA, is widely regarded as a top authority on offshore gaming. The company, formed by Moss in 1998, vigorously monitors the offshore gaming industry and has visited over 125 offshore sportsbooks, while mediating hundreds of dispute resolutions offshore. "This new step for the OSGA gives visitors a reputable, high integrity, and highly credible handicapping service that they can visit and utilize with confidence," said Moss.

Moss added, "This agreement will enable the vast television audience GWIN and Wayne Allyn Root reaches through their flagship Football Pre-Game show, The WinningEDGE, as well as their national radio and the Internet audience, to gain invaluable education and unbiased facts about sports gaming. Additionally, it will allow our vast web audience to gain exposure to the winning analysis and advice of Wayne's team of World Champion professional sports handicappers. Wayne has truly assembled a `Dream Team.' I expect this deal to greatly increase the revenue stream of both companies."

About Global Sports & Entertainment

Global Sports & Entertainment, Inc. is America's only publicly traded sports handicapping company. GWIN specializes in developing and marketing sports handicapping advice and information via television, radio, and the Internet at www.winningEDGE.com. The WinningEDGE TV show is America's most popular sports handicapping show reaching over 100 million TV households.

About The Off Shore Gaming Association (OSGA)

The Offshore Gaming Association, LLP is the leader in offshore sportsbook information. The OSGA focuses on advice, information and recommendations on the offshore wagering industry via their website at www.osga.com.

About Gamblers World

Active since 1995, Gamblers World was one of the first gaming information sites on the web. The site focuses on sports information, with articles, statistics, and live updated odds to aid sports bettors. Hundreds of thousands of visitors visit Gamblers World every NFL season -making it one of the Internet's most popular gaming sites.

Safe Harbor Statement -- As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings.