FOR IMMEDIATE RELEASE

Miami, FL - June 4, 1998
Florida Gaming Corporation (NASDAQ Small Cap - ("BETS"), the largest Jai-Alai operator in the world, announced that effective June 4, 1998 major tax legislation which limits the amount of state handle and admission taxes became law, and will take effect July 1, 1998.

The new law, (Section 2, Subsection (1b) of section 550.09511, Florida Statutes) states, in part, that "Any jai-alai permitholder that incurred state taxes on handle and admissions in an amount that exceeds its operating earnings in a fiscal year that ends during or after the 1997-1998 state fiscal year, is entitled to credit the excess amount of the taxes against state pari-mutuel taxes due and payable after June 30, 1998, during its next ensuing meets."

Florida Gaming Corporation paid state taxes on handle and admissions in the amount of $3,105,309 for the year ended December 31, 1997. Taxes paid to the state in fiscal 1997 of approximately $1,724,881 ($.29 per share) are eligible for recovery by the Company during the twelve-month period beginning July 1, 1998.

W. Bennett Collett, Chairman of Florida Gaming Corporation stated "This legislation will have a dramatic positive impact on our future revenues. For example, if this new tax legislation had been in effect as of January 1, 1998, the Company would have reported net income of $862,506 or $.19 per share, instead of income of $87,102 or $.02 per share for the quarter ended March 31, 1998. This is very good news for our employees and shareholders."

Florida Gaming Corporation is the largest Jai-Alai operator in the world and the largest card room operator in Florida. The Company owns and operates four Florida pari-mutuel wagering facilities located at Miami, Tampa, Ft. Pierce, and Ocala which contain an aggregate of 425,000 square feet of gaming space with over 10,000 gaming positions. The Company offers wagering on live Jai-Alai games and Inter-Track Wagering via simulcasting of horse (thoroughbred and harness) and dog racing at all four facilities. In addition, poker and dominoes are offered at the Crystal Card Rooms at the Miami and Tampa facilities.

For information about Florida Gaming Corporation please contact: W. Bennett Collett OR Timothy L. Hensley Chairman Chief Financial Officer (502) 589-2000 (305) 633-6400 or or (770) 466-6870
Visit our web site: http://www.fla-gaming.com

NEWS RELEASE

Miami, FL. - April 27, 1998 - Florida Gaming Corporation (NASDAQ-SMALL CAP -- "BETS"), released its unaudited first quarter results.

Total Handle (amount wagered) decreased $1,419,589 (3%) to $42,460,541 for the quarter ended 3-31-97 - - compared to $43,880,130 for the same period in 1997. The $1,419,589 net decrease consisted of a decrease of $3,465,086 in live Jai-Alai handle offset by an increase of $2,045,497 in Inter-Track Wagering ("ITW") handle.

Operating Revenues for the quarter ended 3-31-98 decreased $168,441 (2%) to $7,517,475 - - compared to $7,685,916 for the same period in 1997.

Net income for the quarter ended 3-31-98 was $87,102 or $.02 per share ($.01 per common share on a fully-diluted basis) compared to a Net Income of $208,503 ($.05 per common share) for the same period in 1997.

During the quarter ended 3-31-98, the ITW handle increased at an annual rate of 14%, while live Jai-Alai handle decreased at an annual rate of 12%---compared to the same period in 1997.

Florida Gaming Corporation is the largest Jai-Alai operator in the world and the largest card room operator in Florida. The Company owns and operates four Florida pari-mutuel wagering facilities located at Miami, Tampa, Ft. Pierce, and Ocala which contain an aggregate of 425,000 square feet of gaming space with over 10,000 gaming positions. The Company offers wagering on live Jai-Alai games and Inter-Track Wagering via simulcasting of horse (thoroughbred and harness) and dog racing at all four facilities. In addition, poker and dominoes are offered at the Crystal Card Rooms at the Miami and Tampa facilities.

For information about Florida Gaming Corporation please contact:

W. Bennett Collett, Chairman OR Timothy L. Hensley, Chief Financial Officer