Account Wagering

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Interruption of Hollywood Signal on TVG Averted

A dispute between TVG and the Thoroughbred Owners of California was resolved Wednesday afternoon allowing transmission of Hollywood Park's signal on the racing network just minutes before the track's first race of the 2006 season.

Meeker: Account Wagering Needs Overhaul, Expansion

Expansion of account wagering and improvements to existing platforms are a chief objective of Churchill Downs Inc., whose chief executive officer, Tom Meeker, indicated change is needed to generate more industry revenue and maintain or expand the customer base.

Youbet.com Announces Management Changes

  • News

In management changes announced by Youbet.com, Joe Tracy will head a new subsidiary that will develop technology-based games, products, and services, while Jeff True will serve as president of United Tote, which Youbet.com acquired earlier this year.

NYRA Seeks Rebate OK With New Phone Bet System

The New York Racing Association, through its contract with United Tote, linked with VeCommerce Inc., of Littleton, Mass., on March 7 to provide automated telephone account management and wagering functions to its current NYRA One account holders and any new subscribers from New York and Connecticut.

RCI Circulating Draft of Model Wagering Rules

The Association of Racing Commissioners International is circulating a draft overhaul of model rules governing wagering that would require, among other things, validation of all wagers by the host racetrack and transparency of all wagering activity to regulators.

Bills: Vote on Table Games, Ban on Account Bets

West Virginia lawmakers are considering two bills--one that would prohibit account wagering, and another that would authorize county referendums on the addition of casino-style games at Thoroughbred and Greyhound racetracks.

Horsemen Eye Legal Action to Recover Revenue

The National Horsemen's Benevolent and Protective Association may look for ways to pursue legal action to stop signal piracy and recover what they believe is their fair share of revenue from wagering on Thoroughbred racing.

TVG Sets Quarterly Handle Record of $119.8M

  • News

TV Games Network set a new quarterly handle record when it processed $119.8 million in wagers in the third quarter of this year. The figure is up 32.1% from the third quarter of 2004.

Ohio HBPA Strikes Account Wagering Deals

  • News

The Ohio Horsemen's Benevolent and Protective Association has approved the transmission of Thoroughbred signals from Ohio to the TV Games Network and XpressBet, and also approved the sending of the signal from Thistledown to Youbet.com. However, it has failed strike a deal with AmericaTAB, the account-wagering company owned by Ohio interests.

MEC Hopes to Identify Partners This Year

Magna Entertainment Corp. expects to have partners lined up for some of its pending racetrack gaming operations before the end of this year, and hopes to have a presence in Nevada, where account wagering could be offered in the future.

Horsemen Told of Rights to Influence Signal Fees

If horsemen believe they aren't receiving adequate compensation for their product, it's within their rights to be directly involved in the setting of host fees, a consultant said July 22 during the National Horsemen's Benevolent and Protective Association summer convention in Toronto, Ontario.

True Named Vice President of Youbet.com

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Jeff True, Western region general manager for Youbet.com, has been named a vice president of the company. He will continue with his current duties but also head promotion and partner development programs.

Horse Caucus Wants Pari-Mutuel Industry Protected

The Congressional Horse Caucus, now more than 60 members strong, said it supports efforts to stop illegal Internet gambling but said any proposed legislation must be clarified to protect legal pari-mutuel account wagering and simulcasting.

Even Account Betting Service Serving 'Lemonade'

Support for Alex's Lemonade Stand continued to grow June 3 with the announcement that more racetracks in North America--even an account wagering service--had committed to host stands June 11, the day of the Belmont Stakes (gr. I).

Youbet.com Purchases Offshore Wagering Company

Youbet.com has closed on its acquisition of International Racing Group, a Curacao-based account-wagering service, for $3 million. The purchase price includes $2 million in cash and $1 million worth of Youbet.com treasury stock.

Youbet.com Preakness Day Handle Up 75%

Youbet.com handled more than $3.5 million on Preakness day, May 21, up 75% from the $2 million wagered on the same day in 2003, the last year the online wagering service offered the race.

Internet Gambling Ban Resurfaces on Capitol Hill

The pari-mutuel industry, which has hired legal specialists to deal with the ramifications of a recent World Trade Organization ruling, must now deal with the reincarnation of legislation to effectively ban Internet gambling by making financial transactions illegal.

Wine Ruling Could Impact Account Wagering

A United States Supreme Court ruling that overturned Michigan and New York laws that keep wine produced out of state from being shipped to in-state customers could have implications for account wagering, a National Thoroughbred Racing Association official said.

TVG Sets One-Day, Quarterly Handle Records

TV Games Network, the 24-hour horseracing and interactive wagering network, set a one-day handle record May 7 with $6,397,203 in bets. Wagering on the Kentucky Derby (gr. I) alone was $2,767,545.

NTRA Sees Hope for Legislative Initiatives

The Thoroughbred industry, bolstered by the efforts of its political action committee, has a decent chance to get key legislation passed in Washington, D.C., officials with the National Thoroughbred Racing Association said.

Youbet.com Has Strong Quarter; Eyes Expansion

Youbet.com registered double-digit increases in handle and total revenue for the first quarter of 2005, which helped boost net income for the online wagering company from $15,000 in the first quarter of 2004 to $1.03 million this year.

Trade Ruling Questions Horse Racing Act

A World Trade Organization report released April 7 upholds the position of the United States to protect itself from illegal Internet gambling but also calls into question the fairness of the Interstate Horseracing Act.

Oregon Hub Handle Up $53 Million in 2004

Five account-wagering hubs in Oregon handled a total of $883 million last year, up about 6% from the 2003 figure. Meanwhile, fourth-quarter handle for 2004 was down slightly from the same period in 2003, according to Oregon Racing Commission statistics.

Total TVG Handle Up 42% in 2004

  • News

Total wagering on the TV Games Network increased 42% in 2004, and grew 29% in the fourth-quarter of 2004, the network said in a Feb. 24 release. The increase in business was punctuated by record single-day total wagering of $5,148,375 on May 1, Kentucky Derby (gr. I) day.

Youbet.com Wants to Buy High-Volume Shop

Youbet.com, which recently topped the $1-billion mark in handle, announced Feb. 8 it has a letter of intent to acquire International Racing Group, the Curacao-based account wagering company named but not charged in an 88-count federal indictment that alleged illegal gambling.

CDI Cuts Off Betting Services, Tightens Standards

Churchill Downs Inc. has suspended its business relationship with wagering services named in an indictment over alleged illegal gambling and race-fixing, and also is tightening standards for all account wagering services that take signals from the company's racetracks.

NTRA Moves Forward with Action Plan

D. G. Van Clief Jr., commissioner of the National Thoroughbred Association, said the NTRA will move forward with three goals: to make racing a Top 10 sport in America, grow handle to specific target levels, and to act as a convening authority.

TVG Third-Quarter Handle an All-Time Record

  • News

The TV Games Network generated its highest quarterly handle in history from July 1-Sept. 30, when $90,684,755 was bet through the account wagering system. The figure is up 41% from the third quarter of 2003.

Oregon Jockeys Benefit From Incentive Program

  • News

Several jockeys earned bonsuses this summer under the Oregon Racing Commission's jockey incentive program, which is designed to encourage riders to participate at fair meets in the state.

Youbet.com Continues to Ride Growth Trend

Youbet.com, the online wagering company based in California, continued its growth trend in the third quarter of 2004 with income of $791,085, compared with a loss of $617,853 for the same period in 2003.

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