Oregon Hub Wagering Up 17.4% in 2007

Oregon Hub Wagering Up 17.4% in 2007
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Wagering through the Oregon Racing Commission hub system jumped 17.4% in 2007, according to data compiled by the state regulatory agency.

A record total of $1,573,680,475 was processed through Oregon hubs in 2007, up from $1,340,375,866 recorded in 2006. Oregon launched its hub platform in 2000, when it processed a seemingly-paltry $19,779,763 in handle.

Handle from eight advance deposit wagering entities licensed in the state during the fourth quarter of 2007 totaled $341,144,875, up 12.5% compared with $303,287,343 during the fourth quarter of 2006, when seven ADWs operated in the state.

TVG led the way with $123,504,091 in handle, a fourth-quarter record for the company, which has been processing wagers in Oregon since the third quarter of 2001.

Youbet.com came in second with $106,447,812 handled during the quarter. The ADW until last year also sent the majority of its wagers through a hub in California, and was only credited with $23,010,271 in handle through the Oregon hub in fourth-quarter 2006. Youbet.com on March 31 reported rounded-off handle totals of $106,448,000 and $116,791,000, respectively, for its last two fourth quarters, a decline of 8.9% year-over-year.

International Racing Group, which operated during the quarter as an offshore subsidiary of Youbet.com, saw a steep 79.3% decline in handle to $13,565,262. IRG’s handle was hampered by a federal investigation into the activities of some customers and employees, and the entity was eventually closed down by Youbet.com Feb. 15.

Other comparable quarterly handle totals included: XpressBet, $34,950,444 (up 22.6%); Paydog, $6,278,902 (down 8.5%); and Oneclickbetting, $10,948,550 (up 11.3%).

Churchill Downs Inc.’s TwinSpires.com, which was launched last year and now includes former platforms associated with AmericaTAB, was credited with $42,816,435 during the quarter. BetPad, the ADW affiliated with Ohio tracks Beulah Park and River Downs, began operating through Oregon’s hub in early November and was credited with $2,633,380 through the balance of the quarter.

More than $5.7 billion in wagers have been processed through the Oregon hub from 2000 through the end of 2007. Though there are some tax variations allowed for in Oregon statutes, the state generally reaps about a quarter of 1% on gross handle.

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