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Zayat Made Loans to Jelinsky Brothers

Zayat Made Loans to Jelinsky Brothers

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.

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.

Youbet to Close IRG

Youbet to Close IRG

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.

IRG: Some Customers Being Paid

IRG: Some Customers Being Paid

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.

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.

IRG Contests Oregon Suspension

IRG Contests Oregon Suspension

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.

IRG a Hot Topic During Youbet Call

IRG a Hot Topic During Youbet Call

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.

Youbet .com Reports Strong Gain in Net Income

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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 Reports Handle Increase Preakness Day

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 Sets New Handle Record on Derby Day

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.

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.

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 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 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.

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.

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