Nearing the end of the first year of account wagering in California, the president of the Thoroughbred Owners of California has expressed frustration with the lack of television exposure so far.
Tom Amoss is pulling double duty these days at Arlington Park. He trains Bessemer Trust Breeders' Cup Juvenile contender Lone Star Sky, and he serves as an analyst on the "The Works," the popular daily program on the TV Games Network.
Henry Yuen has resigned as chief executive officer of Gemstar-TV Guide International and will be replaced by Jeff Shell, the company announced Oct. 8. Gemstar-TV Guide is the parent company of the TV Games Network.
Gemstar-TV Guide International, the parent company of the TV Games Network, posted a preliminary second-quarter loss of $953.8 million after more than $1 billion in asset write-downs.
Super Derby XXIII (gr. II) will air live on the TV Games Network at 6:05 p.m. EDT Saturday.
The TV Games Network has experienced explosive growth since California adopted advanced deposit wagering last January.
California-based Gemstar said it received notice from Nasdaq that it faces delisting because it hadn't filed its most recent quarterly report with the U.S. Securities and Exchange Commission, Reuters news service reported.
The California Authority of Racing Fairs (CARF) has became the state's only racing association to complete agreements with all three licensed advanced deposit wagering companies.
Trading was heavy again on Gemstar-TV Guide International Tuesday, but the media and technology company that lost 39% of its stock value Monday ended the day with a small gain.
Gemstar-TV Guide International, the parent company of the TV Games Network, lost 39% of its value Monday in a frenzy of selling. Investors reacted to a ruling June 21 that Gemstar's patents for an interactive television program guide have not been infringed by competing products.
Gemstar-TVG Guide International, the parent company to the TV Games Network racing channel, suffered a serious blow in court Friday when it lost a crucial patent infringement case.
Citibank, the nation's largest credit card company, is beginning a new system to block customers from using their plastic to make online wagers, New York attorney general Eliot Spitzer said June 14. The impact on companies that offer pari-mutuel wagering remains to be seen.
Gemstar-TV Guide International, parent company to the TV Games Network, posted a steep first quarter net loss due to $297.8 million write-off and declining revenu
In its 2001-02 annual report, the National Thoroughbred Racing Association outlines a $59.5-million budget that relies heavily on revenue from Breeders' Cup Ltd. and membership dues. The NTRA and Breeders' Cup now operate under a joint spending plan.
The TV Games Network is enjoying record growth due to the opening of Hollywood Park, the Kentucky Derby (gr. I), and an increasing popularity in Quarter Horse racing at Los Alamitos.
TV Games Network and AmericaTAB have signed a patent license and content agreement that allows AmericaTAB to accept wagers on TVG's exclusive partner tracks, and implement TVG technology.
Online wagering company America Tab has gained access to many of the country's premier racetracks by entering into a patent and content licensing agreement with the TV Games Network.
Gemstar-TV Guide stock plunged Friday after a report released two days ago said the company may have engaged in "patent misuse" and that its on-going patent infringement lawsuit may be groundless.
Officials with Hollywood Park and the Thoroughbred Owners of California struck a deal April 23 on revenue splits for wagers made on the track's races. The Hollywood Park spring meet opens April 24.
Youbet.com has signed a one-year marketing agreement that makes the California-based company the official online wagering service for this year's Kentucky Derby (gr. I).
Trainer Tom Amoss will join the cast for "The Works," a TV Games Network program sponsored by Keeneland, from April 22-May 1.
Gemstar-TV Guide became part of its eighth class action suit in two weeks on Tuesday.
In a deal that will give it exposure in a major market, TV Games Network has reached a two-year agreement to exclusively air live Southern California horseracing on FOX Sports Net West (FSN) and FOX Sports Net West 2 (FSN2).
Account wagering services continue to post handle gains through their betting hubs in Oregon.
Gemstar-TV Guide, the parent company of the TV Games Network, took a heavy blow in the stock market Tuesday after an analyst questioned the accounting of $127.6 million in revenue.
Adelphia Communications on April 1 launched the TV Games Network on digital cable television in certain parts of Los Angeles.
More than $14.5 million has been wagered through California's advance deposit wagering system in the first two months of operation, or about 3.5% of total handle. But while account wagering services had a burst of activity, officials said they were concerned about the leveling off of wagering and the number of new account holders over the past four weeks.
Gemstar-TV Guide stock plummeted Tuesday morning on the heels of poor fourth quarter and year-end results. As of 3 p.m., the parent company of the TV Games horse racing network was down $4.21 to $17.52, a drop of 19.4%.
Youbet.com has been licensed by the California Horse Racing Board to offer account-wagering services to residents of California, effective immediately. Meanwhile, through Feb. 18, account-wagering handle through two other systems topped $5 million in the Golden State.
The Thoroughbred Owners of California is using a deal with Magna Entertainment as leverage in an attempt to garner a greater share of pari-mutuel takeout from account wagers made through the TV Games Network. In question is a share of the money TVG pays to the National Thoroughbred Racing Association.
Magna Entertainment Corp. said it would pay a racetrack partner in its new XpressBet account wagering system up to 60% of the takeout if the bet is placed with a 25-mile radius of that track.
Account wagering offers Thoroughbred racing its best opportunity yet for real industrywide growth, according to a new report from Bear, Stearns, & Co. The 128-page report analyzes the regulatory and technological environment governing account wagering, and offers suggestions about what changes must occur for account wagering to expand.
The California Horse Racing Board has granted licenses to two companies to offer account wagering effective immediately, and betting will begin. But the licenses are time-sensitive, and some deals with horsemen remain in limbo.
Talks between Magna Entertainment and the TV Games Network are over, according to TVG president Mark Wilson, who has been negotiating with Magna chief executive officer James McAlpine in hopes of striking a deal to bring Santa Anita, Gulfstream Park, and other Magna tracks to TVG's racing and wagering network.
Gemstar-TV Guide International's stock is tumbling this week because of doubts that the company can protect its interactive programming guide patents in a key court case, according to analysts. Gemstar is the parent company to the TV Games Network, a horse racing network and interactive wagering service.
The majority owner of a growing account-wagering service based in Ohio said exclusive contracts that govern betting could cripple the pari-mutuel industry at a time when it is poised for explosive growth. The comments came on the heels of a spirited debate between the TV Games Network and Magna Entertainment over exclusivity, an issue that won't go away.
Magna Entertainment president Jim McAlpine told racing industry leaders Thursday that their best chance to compete against Las Vegas and Disney, which he says are horse racing's true competitors, is by making industrywide deregulation and the adoption of free enterprise a top priority. And as Magna prepares to launch its own online and telephone account wagering service in California, McAlpine urged TVG to abandon its exclusive contracts with racetracks and merge its content with Magna's tracks and others.
Magna Entertainment president Jim McAlpine told racing industry leaders Thursday that their best chance to compete against Las Vegas and Disney, which he says are horse racing's true competitors, is by making industrywide deregulation and the adoption of free enterprise a top priority.
The TV Games Network's parent company reported a 13.5% increase in net loss for the third quarter ending Sept. 30. The increase in losses was attributed to charges related to the merger between Gemstar and TV Guide in July 2000 and to higher operating expenses.
Handle through the TV Games Network's Oregon hub was $12,414,106 for the third quarter of 2001, almost triple the amount wagered during the third quarter of 2000 but down slightly from the second quarter of 2001.
An agreement struck over the weekend will allow all online and telephone account wagering services to put the World Thoroughbred Championships on their menus Oct. 27.
TV Games Network and the National Thoroughbred Racing Association are offering daily replays of TVG's "The Works: Breeders' Cup 2001" on the Internet. Meanwhile, TVG will broadcast a top night of Quarter Horse Racing from Los Alamitos Oct. 20.
Last year, the day before the Breeders' Cup, officials from the organization and the TV Games Network traveled to Ohio to strike a deal allowing Winticket.com, Beulah Park's account-wagering subsidiary, to accept wagers on the eight races. Eleven months later, with the Oct. 27 Breeders' Cup World Thoroughbred Championships asoon approaching, no agreement is in place to cover the same situation.
Gemstar-TV Guide International posted a second-quarter net loss of $134.8 million (33 cents per diluted share), primarily because of the $223.8-million amortization of intagible assets recorded as part of the acquisition of TV Guide.
The Oregon wagering hub first operated by NTRA Services and now in the hands of the TV Games Network handled $13,033,508 for the second quarter of this year, more than double the first-quarter handle and by far its best three months ever.
As the California horse racing industry awaited action by Gov. Gray Davis on account wagering legislation, the TV Games Network and Thoroughbred Owners of California announced they had reached an agreement in principle to protect purses should live handle be negatively impacted by account betting.
Simulcast handle at most Kentucky racetracks has fallen or remained static in each of the past several years. An exception has been Keeneland, which experienced nine consecutive years of growth through 2000, when the amount wagered on simulcasts topped a record $104 million.
Youbet.com will begin taking bets through its new Oregon wagering hub in August, a month earlier than expected. Once the hub is operating, customer can beginning wagering on racetracks once offered exclusively through the TV Games Network. Youbet.com is anticipating significantly higher revenue by the first quarter of next year.
For more than three hours Monday night, the Keeneland July yearling sale was beamed into the homes of people who can access the TV Games Network either on cable television or by satellite dish. It was somewhat of a breakthrough for the auction end of the business, which generally gets little exposure away from sale pavilions.
The TV Games Network became available today to 40,000 Comcast cable television subscribers in the Baltimore metropolitan area. It is the first time TVG has been available on a cable system outside Kentucky.
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