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.
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.
The clock ticks for the arrival of account wagering in California, and it may keep ticking well into the new year. The earliest the state's racing fans can expect to be able to open accounts and begin telephone or Internet wagering is mid-February 2002, but depending on how well the regulatory review process goes, wagering might not occur until some time in May.
Mark Wilson, president and CEO of TVG, has issued a lengthy statement in response to widely-reported comments made by Jim McAlpine, President and CEO of Magna Entertainment Corporation, at the University of Arizona's Race Track Industry Program's "Symposium on Racing."
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.
When California introduces account wagering, the TV Games Network will be ready for a full assault. Perhaps the last great frontier for the home-wagering revolution, the Golden State represents a golden opportunity for TVG when advance-deposit wagering becomes legal in the state Jan. 1, 2002.
Robert Fell has stepped down as chief executive officer of Youbet.com, an online horse racing and wagering company, and will be replaced by two men. Vice presidents Ronald Luniewski and Phillip C. Hermann will share CEO duties.
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.
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.
Adding to a weekend line-up that already features the grade I Jockey Club Gold Cup, TVG announced it will once again broadcast the Prix de l' Arc de Triomphe live from Longchamp Racecourse outside of Paris on Sunday, October 7.
Thoroughbred racing and simulcasting at major locations in the United States shut down Tuesday due to the terrorist attacks in New York and Washington, D.C. Many also planned to close Wednesday. The commissioner of the National Thoroughbred Racing Association said it could take a while "to sort out the implications for the country, as well as our business."
Youbet.com today announced the opening of its new Oregon wagering hub. The new hub allows Youbet.com customers access to racetracks previously available only through the TV Games Network. Along with the new hub, Youbet has adjusted its price. The service now charges a fee per transaction instead of a monthly fee.
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.
California Gov. Gray Davis signed Assembly Bill 471 into law on Aug. 13, authorizing advance deposit wagering and including provisions that will allow backstretch workers to organize for collective bargaining purposes.
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.
The TV Games Network debuted on basic cable television in the Lexington market in late December of last year. And for the first six months of this year, handle on simulcast-only days at Keeneland is down more than $4.7 million from the comparable period last year.
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.
Until TVG's show "The Sales" aired on July 1, the best way for a buyer to prepare for a sale without visiting the farms selling yearlings was to sit down with a sales catalogue and a sales supplement. This all changed with TVG's new program, a preview of the Keeneland July 2001 selected yearling sale. It highlights the yearlings offered at this sale like no advertisement or pedigree page could ever do.
New York City Off-Track Betting Corp. falling into the hands of a consortium led by Magna Entertainment would be "an affront" to the entire racing industry, the head of the New York Racing Association charged.
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.
From a preview show to the sale itself, TVG will offer live coverage and analysis of the 2001 Keeneland July Selected Yearling Sale. Caton Bredar will report on all events from the Keeneland Sales Pavilion with hosts Todd Schrupp and Frank Lyons in the Los Angeles studio. The live sale broadcast will run July 16-17 from 7-10 p.m. EDT.
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.
NTRA Services will not renew its license to operate a wagering hub in Oregon. Instead, the TV Games Network, for which the National Thoroughbred Racing Association subsidiary operates the hub, is expected to apply for the license itself.
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.
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.
Youbet.com has signed a deal that could give the Television Games Network a majority interest in the online horse racing and wagering service. Under the terms of the agreement, Youbet.com will pay TVG fees based on the handle. Youbet.com also has issued warrants allowing TVG to buy 19.9% of the online service's 19.4 million shares of common stock for 1 cent per share. Youbet.com's stock reacted strongly to the news. The stock, which closed at 75 cents per share Friday, jumped 101% to peak at $1.51 within the first hour of trading Monday.
TVG has announced that it will televise the $1.65 million Singapore Airlines International Cup from Kranji Racecourse beginning at 11 a.m. eastern standard time Saturday, May 12. The race will be shown on a tape-delayed basis, and there will be no TVG account wagering on the contest.
TVG will provide tape-delayed coverage of the Audemars Piguet Queen Elizabeth II Cup (Gr. I) from Sha Tin Racecourse in Hong Kong, featuring the globetrotting French star Jim and Tonic, the winner of the $2 million Dubai Duty Free Stakes (gr. I) in his last race. With a purse $1.3 million, the international event will be aired on TVG Sunday, April 22 starting at 11:00 a.m. (EDT).
TV Games Network released its spring-summer schedule of exclusive racing coverage from the nation's leading racetracks Wednesday, and it begins with opening day of Keeneland's spring meet on Friday. It will feature on-location coverage of Saturday's Ashland Stakes (gr. I), Keeneland's 3-year-old filly prep for the Kentucky Oaks (gr. I).
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.