Documents filed in connection with his Chapter 11 bankruptcy petition show that prominent horse owner Ahmed Zayat made loans to two brothers who have been convicted in connection with illegal bookmaking.
Two brothers have been charged by the U.S. District Court in Nevada in connection with a U.S. Attorney's Office investigation that included the former offshore rebate shop International Racing Group.
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.
Advance deposit wagering through the Oregon hub system grew nearly 3% in the first quarter of 2008 despite an overall decline in national betting numbers in North America.
Youbet.com said April 1 it had put a restructuring plan in place to recover from last year's $27.4-million loss, and is looking forward to a turnaround in 2008.
Youbet.com reported March 31 it lost $28.7 million in the fourth quarter of 2007 on the same day it was notified by NASDAQ it faces delisting from the stock exchange.
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.
Just as the door closes on International Racing Group's operating presence in Oregon, the state is prepared to welcome two new players to the advance deposit wagering scene.
Youbet.com will close its troubled off-shore telephone wagering entity International Racing Group, according to a Feb. 13 filing with the U.S. Securities and Exchange Commission.
A spokesman affiliated with Youbet.com says certain customers of subsidiary International Racing Group have received funds owed by the off-shore rebate shop, which is part of an investigation being conducted by the federal government.
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.
International Racing Group has contested a decision by the Oregon Racing Commission to suspend its state operating license, and will continue to conduct business through its hub pending an administrative law hearing.
Youbet.com reported a decline in overall handle and increase in total revenue for the third quarter of 2007, but a related earnings conference call with analysts Nov. 7 was punctuated by discussion of the federal investigation involving the company's off-shore entity, International Racing Group.
Several advance deposit wagering companies have yet to secure contracts for the Breeders' Cup World Championships, a consultant said Oct. 15.
Youbet.com disclosed Oct. 12 that the federal government has seized $1.5 million in funds from three Nevada bank accounts affiliated with the company's off-shore entity, IRG.
A federal search warrant was served at the California headquarters of Youbet.com Oct. 4 as part of a federal investigation being conducted by the U.S. Attorney's Office in Las Vegas, the company has reported.
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.
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.
On the heels of increased revenue growth from International Racing Group, Youbet.com reported a record second-quarter net income of $2.2 million for the period that ended June 30. The figure is up from $1.3 million in the second quarter of 2005.
Youbet.com handled $4.2 million Preakness Stakes (gr. I) day to top last year's same day handle by 18.5%. The May 20 figure is the second-highest in the history of the account wagering service.
Youbet.com, the online wagering company with headquarters in Southern California, handled $5.6 million Kentucky Derby day, May 6, an increase of 34% from 2005 and the highest one-day amount in the history of the company.
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 reported net income of $1.5 million, or 4 cents per diluted share, for the fourth quarter that ended Dec. 31, 2005.
Woodbine Entertainment Group has reiterated its views on non-racetrack rebate shops by denying International Racing Group access to Woodbine-hosted pools.
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.
Offshore wagering services issued statements Sept. 13 expressing unhappiness with the way rebate shops were portrayed in a report that led to dismissal of charges against the New York Racing Association.
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 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.
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.
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