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Youbet.com has restated its earnings for 2007 due to a recalculation of an earn-out payment to the former owners of defunct subsidiary International Racing Group, increasing its annual loss for the year to $28.4 million.
Friday, July 11, 2008
Lonny Powell has stepped down from his executive position with Youbet.com, joining others who have left the California-based advance deposit wagering company in recent months.
Tuesday, February 26, 2008
Chuck Champion has resigned his executive positions with Youbet.com, ending a five-year tenure that featured bouts of growth and turmoil for the advance deposit wagering entity.
Friday, November 30, 2007
Former Youbet co-founder and chief executive officer David Marshall has resigned his position as vice-chairman of the company's board of directors, according to an Oct. 30 filing with the U.S. Securities and Exchange Commission.
Tuesday, October 30, 2007The Oregon Racing Commission is looking into whether there are any statutory licensing actions to be taken against International Racing Group, which has had $1.5 million in funds seized by federal authorities.
Thursday, October 18, 2007The chairman of the California Horse Racing Board called for the commission to require that account wagering providers share track betting content as a condition of future licensing.
Thursday, September 27, 2007
Youbet reported a loss of $357,000, or one cent a share, in its second quarter, down from income of $2.2 million, or six cents per share, in the year-ago period, the company reported Tuesday.
Tuesday, August 07, 2007
Youbet.com has implemented self-described cost-cutting and revenue enhancement initiatives of about $5 million in an effort to offset lower revenue expectations from its IRG and United Tote subsidiaries, the company recently announced.
Tuesday, July 24, 2007
James Burk and Gary Sproule have been named chief financial officer and chief operating officer of Youbet.com, the company announced July 9.
Tuesday, July 10, 2007Youbet.com directed more criticism at the controversial content alliance of Churchill Downs and Magna Entertainment May 8, with one executive telling analysts during an earnings conference that the partners in TrackNet Media Group "ended up shooting not only themselves, but an entire industry."
Wednesday, May 09, 2007Youbet reiterated its desire to work with the new TrackNet Media team of Churchill Downs and Magna Entertainment, hoping to build off a fifth-straight year the wagering company reported double-digit handle growth.
Tuesday, March 13, 2007A decade after he left the employ of Hall of Fame trainer Wayne Lukas to start his own business, 2006 trainer of the year Todd Pletcher and his mentor are in the same "stable" again, this time as endorsement partners with Youbet.com, where the mission is to win new customers.
Tuesday, February 20, 2007Youbet.com Inc. must pay about $1.3 million to its license partner TVG for underpayments during a three-year content agreement that ended March 31, 2005, an arbiter ruled Nov. 16. TVG initially claimed it was owed $5.8 million.
Friday, November 17, 2006Horse racing and sports book industry veteran Michael L. Knapp has been named Youbet.com's director of new product integration, the company announced Nov. 2.
Thursday, November 02, 2006The Ohio Horsemen's Benevolent and Protective Association has indicated Thistledown is authorized to send its signal to Youbet.com, but the California account wagering company has indicated it may not be willing to offer the signal.
Wednesday, October 04, 2006Youbet.com has named Jeff Franklin, 53, the company's long-time product development and player services leader, to the newly created position of president of Youbet online services, the company's online pari-mutuel wagering unit. The announcement of Franklin's promotion was made by Youbet CEO Charles Champion.
Wednesday, October 04, 2006Frustrated with the lack of federal prosecution of illegal offshore gambling operations, the California Horse Racing Board is considering action to curtail the advertising and promotion of such activity by publications and broadcasters.
Sunday, February 19, 2006Youbet.com reported net income of $1.5 million, or 4 cents per diluted share, for the fourth quarter that ended Dec. 31, 2005.
Friday, February 17, 2006Youbet.com, Inc., announced Monday that it completed its previously announced acquisition of privately-held United Tote Company for approximately $31.9 million, which is $2 million less than the previously announced purchase price.
Monday, February 13, 2006Youbet.com, which earlier this year purchased an offshore wagering company, has entered into an agreement to purchase United Tote for $49 million, the company announced Dec. 1. United Tote supplies tote services to more than 90 pari-mutuel facilities in North America.
Thursday, December 01, 2005International Racing Group, a rebate shop located in Curacao but owned and operated by United States-based Youbet.com, was licensed by the Oregon Racing Commission Nov. 2, and is the first such entity to be licensed by U.S. regulators.
Thursday, November 03, 2005Youbet.com, the California-based online wagering service, handled $3.4 million June 11, Belmont Stakes (gr. I) day, to bring its three-day Triple Crown total to $9.5 million. In 2003, the last time Youbet.com offered wagering on the Kentucky Derby (gr. I), Preakness Stakes (gr. I), and Belmont, total handle was $6.5 million, the company said.
Wednesday, June 15, 2005Youbet.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.
Thursday, June 02, 2005Youbet.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.
Wednesday, May 25, 2005Youbet.com set records for one-day handle and customer deposits May 7, Kentucky Derby (gr. I) day, the online wagering company announced.
Wednesday, May 11, 2005Youbet.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.
Friday, April 29, 2005Youbet.com, Inc. announced Monday that Roger H. Licht, former chairman of the California Horse Racing Board and a prominent horse racing legal expert, has agreed to become a member of the company's independent wagering compliance committee.
Monday, April 18, 2005Youbet.com, the California-based online wagering company, has appointed the members of an independent wagering compliance committee designed to provide oversight and audit company practices.
Thursday, March 31, 2005Youbet.com has withdrawn its proposal to acquire all of the issued and outstanding shares of American Wagering Inc. for $12 million, the company announced Friday.
Saturday, January 15, 2005Youbet.com and AmericaTab, two online wagering companies, will again be able to offer races from all Magna Entertainment Corp.-owned racetracks under agreements announced Dec. 23.
Thursday, December 23, 2004Youbet.com has joined the National Thoroughbred Racing Association (NTRA) as a special member, the NTRA announced Friday.
Friday, June 25, 2004Youbet.com said Dec. 30 it hopes to strike a deal with Magna Entertainment Corp. to offer wagering on all the company's racetracks.
Wednesday, December 31, 2003Youbet.com said Dec. 30 it hopes to strike a deal with Magna Entertainment Corp. to offer wagering on all the company's racetracks.
Wednesday, December 31, 2003The value of Youbet.com's stock fell 14.1% Monday after the company released a quarterly earnings report that was below analysts' forecasts.
Monday, August 11, 2003Youbet.com gets a new chairman... The Maryland Jockey Club and Magna Entertainment Corp.'s premiere of the movie "Seabiscuit" raised over $181,000 for two Maryland charities.
Friday, August 08, 2003Youbet.com president Charles Champion has been promoted to chief executive officer of the online racing and wagering company effective immediately.
Thursday, September 12, 2002Youbet.com has appointed Charles Champion as its new president and chief operating officer effective immediately.
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