EXHIBIT 99.1

J NET ENTERPRISES, INC.

8750 N. Central Expressway, Suite #600                           (214) 696-8830
Dallas, Texas 75231                                          Fax (214) 696-8788


                             J NET ENTERPRISES, INC.
                         AUTHORIZES COMMON STOCK BUYBACK

      Dallas, Texas, January 4, 2001 - J Net Enterprises, Inc. announced today
that its Board of Directors has authorized the repurchase of up to 1,000,000
shares of the Company's common stock. The Company plans to purchase shares from
time to time, as the Company deems appropriate, through open market purchases or
in privately negotiated transactions.

      Allan R. Tessler, Chairman and CEO of the Company stated, "We are pleased
with the new stock buyback authorization and the opportunity it provides for the
Company to take advantage of the level at which the Company's stock is currently
trading. This action reflects the strength of our balance sheet and the
confidence of our Board in the Company."

About J Net Enterprises

J Net Enterprises, Inc. is a technology holding company with concentrated
investments in leading enterprise software and Internet infrastructure
companies. J Net's name was changed from Jackpot Enterprises, Inc, at its annual
meeting of the stockholders on December 6, 2000. The September 30, 2000 balance
sheet of the Company, adjusted for the sale of the gaming machine route
operation and recent investments, reflects total assets of $137 million and
shareholder equity of $101 million or $11.28 per primary share outstanding. The
Company's assets consist primarily of cash and investments at cost. For more
information on J Net Enterprises, visit WWW.JNETTECH.COM.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements that involve risks and
uncertainties. Such statements include management's expectations with respect to
future operating results. The Company notes that a variety of factors could
cause the Company's actual results and experience to differ materially from the
anticipated results or other expectations in the Company's forward-looking
statements. The Company assumes no responsibility to update the forward-looking
statements contained in this release. Additional information on factors that may
affect the operations, performance, development and results of the Company's
business are discussed in filings of the Company with the Securities and
Exchange Commission.

For further information, please contact Susan Mulligan at (646) 557-2992 or
Linda Crump at (214) 696-8830.