A July 21 mediation session with a member of the Oregon Racing Commission yielded no agreement in a standoff between TVG and Portland Meadows on source-market fees, although progress was reported.
Two advance deposit wagering companies operating through the hub system in Oregon recently had their annual license renewals tabled by the state's racing commission, but will be able to rectify the situation at an upcoming July 17 meeting.
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.
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.
International Racing Group and parent company Youbet.com are facing a Nov. 12 deadline in regards to IRG's license to operate a wagering hub in Oregon, and basically have two avenues to pursue for continued operation there.
The Oregon Racing Commission has notified International Racing Group that it intends to suspend its state operating license as an advance deposit wagering company, but parent company Youbet.com says it is working to prevent such an event.
The 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.
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