Charles Champion

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Youbet: 2007 Loss Now $28.4 Million

Youbet: 2007 Loss Now $28.4 Million

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.

Champion Resigns Youbet Posts

Champion Resigns Youbet Posts

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.

Former Youbet CEO Resigns Board Position

Former Youbet CEO Resigns Board Position

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.

TrackNet Takes Another Shot from Youbet

Youbet.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."

Youbet Reports 62% Handle Growth in 2006

Youbet 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.

Pletcher Joins Lukas in Youbet Online 'Stable'

  • News

A 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.

Youbet Hails Decision in TVG Arbitration Fight

Youbet.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.

Account-Bet Dispute Addressed; Signal Available

The 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.

Franklin Named President of Youbet Online Services

  • News

Youbet.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.

California Ponders Offshore Betting Options

Frustrated 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.

Youbet.com Has Deal to Buy Tote Company

  • News

Youbet.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.

High-Volume Shop Licensed by Oregon Regulators

International 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.

Youbet.com Handle Up 33% on Belmont Day

  • News

Youbet.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.

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.

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.

Licht Joins Youbet.com's Compliance Committee

  • News

Youbet.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.

Here and There...

  • News

Youbet.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.

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