Account Wagering

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NYRA Signal Pulled; Account Wagering Cited

The MidAtlantic Cooperative, which represents 19 racetracks and their off-track betting facilities and account wagering systems, will pull the plug on simulcasts from Belmont Park effective Sept. 15 having failed to strike a deal with the New York Racing Association.

Philly Park Prepares to Enter the Big Time

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Purses for July at Philadelphia Park averaged just under $120,000 a day, but in a year, they will be almost twice that amount, with much more growth expected when revenue from slot machines begins pouring in.

MEC Has Plans--With or Without NYRA

Magna Entertainment Corp. is still willing to partner with the New York Racing Association, but it is also pursuing its own move into the New York marketplace in case NYRA isn't serious about a merger, MEC president Jim McAlpine said.

Account Betting Poised to Move Ahead in Jersey

The New Jersey Racing Commission expects to consider a "participation agreement" for distribution of revenue from account and off-track wagering at an Aug. 18 meeting at which the stakeholders are expected to apply for a license to begin account betting.

Bill to Authorize Lease of Jersey Tracks Progresses

The New Jersey Senate Wagering, Tourism, and Historic Preservation Committee on June 7 approved a bill that would permit the state to lease Monmouth Park and Meadowlands, two racetracks operated by the New Jersey Sports and Exposition Authority.

TVG Unveils New Graphics, Says Audience Up

TV Games Network rolled out new graphics and features, which began appearing in conjunction with the opening of Hollywood Park's spring/summer season, at the April 22 California Horse Racing Board meeting. It also announced an increase in the number of viewers and a slight shift toward experienced racing fans.

Measure Would Authorize Betting Hubs in Kentucky

Legislation to authorize wagering hubs in Kentucky was introduced in the state Senate in early March and is moving through the legislative process as an amendment to a bill that would permit artificially inseminated horses to race in Kentucky. A hub measure was introduced in 2002 but it failed to garner support.

Washington Passes Account Wagering Bill

A bill that would allow account wagering by residents of Washington State passed the state's House of Representatives on March 4 79-17 and yesterday passed the Senate 38-10. Senate Bill 6281 now heads to Gov. Gary Locke for his signature.

Account-Bet Deal Struck; National Policy Sought

The Ohio Horsemen's Benevolent and Protective Association and Beulah Park have struck a deal on revenue splits for account wagering, but the chief negotiator for the horsemen's group called it a big-picture issue that needs attention and leadership on the national level.

AmericaTab Chief: 'Fragmented Industry' Must Change

The president of a growing account wagering service said handle declines at major winter meets aren't good for racing, and he suggested it's time for a "fragmented industry" to move forward in the best interests of its customers, racetracks, and horsemen.

Youbet, TVG End Proxy and Warrant Dispute

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Youbet.com has agreed to pay TV Games Network $725,000 and withdraw its proposed staggered board and supermajority voting proxy material in exchange for TVG dropping all pending litigation and related arbitration.

In Ohio, Jury Still Out on Account Wagering Revenue

The Ohio State Racing Commission Feb. 19 deferred action on a request from the Ohio Horsemen's Benevolent and Protective Association to withhold Thoroughbred signals that originate in the state from account wagering companies. It scheduled a hearing for March 1 to further discuss the issue.

Youbet Continues Strong Performance in Fourth Quarter

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Youbet.com reported Thursday the fourth quarter of 2003 provided the eight straight quarter of net revenue growth for the company, though it continues to operate at a loss. Youbet also generated year-over-year increases in handle, net revenue, and earnings before taxes, depreciation, and amortization (EBITDA).

MEC: Recent Moves Designed to Benefit Tracks, Horsemen

Magna Entertainment Corp.'s top executive admitted the company has taken plenty of heat for recent business decisions tied to account wagering and rebate shops, but he indicated the racing conglomerate wouldn't apologize for a strategy he said is designed to benefit the industry in the long term.

AmericaTab Handle Jumps Despite MEC Blackout

Handle through the AmericaTab family of account-wagering services was up almost 90% the first six days of January even though the services weren't permitted to offer betting on Magna Entertainment Corp. racetracks, including premier meets at Gulfstream Park and Santa Anita Park.

AmericaTab Handle Jumps Despite MEC Blackout

Handle through the AmericaTab family of account-wagering services was up almost 90% the first six days of January even though the services weren't permitted to offer betting on Magna Entertainment Corp. racetracks, including premier meets at Gulfstream Park and Santa Anita Park.

MEC Move Creates Account-Wagering Dilemma

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Magna Entertainment Corp. initiated restrictions upon or pulled its live racing signals from most account-wagering services effective Dec. 26, and at least one operator isn't happy about the developments.

Ohio Horsemen Force Issue on Account Wagering

A two-month shutdown of Beulah Park was averted Dec. 18 when the Ohio Horsemen's Benevolent and Protective Association and track management agreed to at least negotiate revenue splits from account wagering. If no deal is in place by Feb. 10, horsemen will withdraw permission for Ohio's live racing product to be sent to account-betting providers.

Oregon Hub Handle Sets Another Quarterly Record

The National Thoroughbred Racing Association's operation of wagering hub in Oregon met with much resistance from some of its member racetracks at the beginning of the decade, but one thing's for certain: The concept has caught on, even though the NTRA is no longer a player.

Oregon Hub Handle Clears $200M in Second Quarter

The five account-wagering companies that have multi-jurisdictional tote hubs in Oregon reported gains in handle in the second quarter of 2003 compared with the first quarter of this year. Total handle through the five hubs was $222.21 million, up about 150% from the second quarter of 2002.

OTB Expansion, Account Wagering Set in Virginia

Racing fans in Virginia probably will have more outlets at which to place wagers in the coming months. New off-track betting parlors and account wagering are expected to increase handle in Virginia, and ultimately lead to more racing days at Colonial Downs.

'Challenge,' Account-Bet Problem Tackled by NTRA

The National Thoroughbred Racing Association continues to examine a vehicle to bring back the Great State Challenge later this year, and also is working with Visa in regard to a policy change that has hindered state-sanctioned account wagering in the United States.

Racetrack Gaming Measure Passes Michigan House

Legislation to allow electronic gaming at Michigan racetracks was approved by the state House of Representatives May 22, just two days after the release of a poll that indicated the public overwhelmingly disapproves of the prospect.

AmericaTab Grows Handle, Customer Base in 2003

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AmericaTab and its affiliates set a one-month handle record in March with $8.3 million in wagers, the company reported April 10. It was the second consecutive month of record-breaking handle.

California Board Cuts Off Signals to Idaho Casino

California regulators, in an effort to stop out-of-state account wagering operators from taking bets from state residents, have excluded the Coeur d'Alene Casino in Idaho from importing upcoming meets at Bay Meadows and Hollywood Park. The manager of the casino said the situation would be resolved.

In General, Wagering Up Through Oregon Hubs

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Account wagering through several hubs based in Oregon continued to ramp up in the fourth quarter of 2002, according to figures released by the Oregon Racing Commission.

Account, Off-Track Wagering Closer in New Jersey

After months of legal wrangling and negotiations, the New Jersey Sports and Exposition Authority is close to presenting the New Jersey Racing Commission with participation agreements between itself and two other racing companies in the state in regard to account and off-track wagering.

Youbet.com Cuts Losses During Third Quarter

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A record $46.3 million was wagered through Youbet.com Inc. during the third quarter ended September 30, helping to narrow the online wagering company's overall losses to $2.1 million.

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