The Oregon Racing Commission on Friday approved an application by the TV Games Network for to operate a wagering hub. Currently, TVG wagers run through a hub operated by NTRA Services, a subsidiary of the National Thoroughbred Racing Association and marketing partner of TVG.
The sale of New York City Off-Track Betting apparently hinges on legislative changes that would make the entity more attractive to potential buyers. Meanwhile, it appears the state legislature may have more time to examine the issue given the fact they may remain in Albany into the summer.
Youbet.com, an online horse racing and wagering site that has burned through more than $64 million since 1998, expects to begin turning a profit in 2002. The company also expects to have more than 20,000 subscribers by the end of the year.
Gemstar-TV Guide International Inc. and Adelphia Communications Corp. have signed a 20-year Interactive Program Guide agreement that could feature a major expansion of the TV Games Network. Gemstar-TV Guide is the parent company of TVG.
- By Ray Paulick
By Ray Paulick -- The recent agreement between the TV Games Network and Youbet.com looks like a win-win-win-win situation for the racing industry.
The Nasdaq stock exchange notified Youbet.com officials Tuesday that the company still fails to meet its minimum price requirement and is subject to being delisted. To remain on the exchange, Youbet.com stock needed to trade about $1 per share for 10 consecutive days before Monday.
Youbet.com just completed its busiest week ever. The Preakness Stakes (gr. I) and a handicapping contest held in conjunction with the Daily Racing Form attracted $2.6 million in online wagers for the week ending May 19.
Gemstar-TV Guide, the parent company of the TV Games Network, reached a new 52-week low of $20.25 Tuesday. The stock tumbled with the rest of the major markets, which were affected by profit warnings and job cuts.
Churchill Downs Inc. ended weeks of speculation Tuesday when it confirmed it has joined the New York Racing Association and the TV Games Network in a bid to purchase New York City Off-Track Betting Corp. The company has withdrawn the bid it previously submitted on its own behalf to the New York City Development Corp., which is overseeing the possible sale of New York City OTB.
A deal between TV Games Network's parent company and Comcast, the nation's third leading cable operator, will put the horse racing network in two more states before September.
TVG announced on Friday that it would feature exclusive live U.S. television coverage and in-home wagering on the sixth running of the $6-million Dubai World Cup (UAE-I) from Nad Al Sheba Racecourse in Dubai, U.A.E. on Saturday, March 24, 2001.
Account wagering by TV Games Network subscribers generated an additional $440,000 in source-market fees for Kentucky horsemen and racetracks since October. The money, distributed this week, raises the total fees generated by the horse racing network to $1.95 million since September 1999.
Gemstar-TV Guide, the TV Games Network's parent company, enjoyed extraordinary growth in revenue and earnings for its fourth quarter and fiscal year. The company is expecting more rapid growth this year and TVG will play an active role.
Kentucky's racing industry is at the very least intrigued that two Standardbred racetracks plan to ask the Kentucky Racing Commission for permission to simulcast Quarter Horse races. But there is some question as to whether the plan will fly.
- By Ray Paulick
By Ray Paulick -- Without question, the TV Games Network has fallen short of the mark in its first 18 months of existence.
The TV Games Network wants to pay $5 million to one lucky winner plus thousands in cash and merchandise to others as part of its inaugural online contest launched Thursday. The racing and wagering network will award the money if an individual selects eight winners on the 2001 Kentucky Derby Day program.
The racing and wagering network has made scheduling adjustments as it continues to seek a larger slice of the national market.
Formal bidding on New York City Off-Track Betting Corp. began Thursday. Organizations have until Nov. 10 to submit a formal bid for the nation's most lucrative OTB franchise.
A deal that gives the TV Games Network the exclusive right to conduct interactive wagering on Breeders' Cup Championship Day races has left other account-wagering providers wondering how the decision will impact their ability to carry the Breeders' Cup program Nov. 4 at Churchill Downs.
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