Youbet Breaks Handle Record in August
Updated: Monday, September 9, 2002 3:02 PM
Posted: Monday, September 9, 2002 1:48 PM
Youbet.com handled a record $16.7 million for the month of August. It was the California-based online racing and wagering company's highest monthly handle since the company began accepting wagers in 1997.
During the week of July 1-7, Youbet.com also broke the record for weekly handle and for the first time, saw ExpressCash deposits exceed credit card deposits.
"Our handle continues to grow as does our membership," said David Marshall, chief executive officer of Youbet.com. "We're pleased to see our members embrace ExpressCash as an alternate means of funding their wagering accounts, with no fees to the customer."
Youbet.com's previous record for weekly handle was June 3-9 during Belmont Stakes week. The previous monthly handle record was set in July 2002 at $15.4 million.
The news provided a boost to the company's stock, which was trading up 9.4% to 58 cents per share as of 1:30 p.m. Monday. Trading was moderate.
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