A New York regulatory panel has approved a new 10-year tote contract between the New York Racing Association and AmTote International. NYRA had been aligned with Churchill Downs Inc.'s United Tote.
Churchill Downs is among the growing number of publicly traded companies that have accelerated payment of dividends to get ahead of probable increased tax rates next year.
New York state, in the first full day controlling the New York Racing Association, said it will review a tentative deal track officials previously made to replace United Tote as NYRA's totalizator contractor.
In a move to provide future expansion at tracks in Latin America, international gaming company Codere announced the signing of a strategic alliance agreement with United Tote Sept. 13.
Due to an error originating with the United Tote totalisator system located in Kentucky, customers that wagered through NYRA on Keeneland's April 6 card and the first two races April 7, were charged incorrect takeout rates.
Keeneland has introduced a fan-friendly innovation that allows bettors to wager at the track using their SmartPhones or tablets such as iPads.
Mobile phone technology is becoming an increasingly important asset for horse racing as more applications are developed for customers who want to gather data and wager with greater convenience.
Youbet, which is being acquired by Churchill Downs Inc., for a reported $126.8 million, announced its 2009 fourth quarter and full year earnings March 11.
- By Tom LaMarra
Churchill Downs Inc., which announced Nov. 11 plans to purchase Youbet.com and its United Tote subsidiary for about $126.8 million, is on the lookout for other prospective purchases in the area of Internet wagering.
- By Tom LaMarra
Churchill Downs Inc. is expanding its presence in the advance deposit wagering market with the purchase of Youbet.com for $126.8 million. United Tote is included in the proposed deal.
Dawn Haden will replace Jeff True as president of United Tote, parent company Youbet.com has announced.
- By Tom LaMarra
Youbet.com reported Aug. 12 a 3% increase in revenue for the second quarter of 2009 but a 27.9% decrease in net income.
Penn National Race Course, which had changed its closing time on pools after two recent separate past-posting incidents, reverted to its previous policy June 18.
Hollywood Casino at Penn National Race Course said it will make good on a pick three result that was calculated in error June 5 because of a breakdown in tote communications before post time of the second race in the sequence.
A United Tote official said June 8 the company is working with Hollywood Casino at Penn National Race Course on tote communications failures that have led the track to stop taking wagers when the first horse is loaded into the starting gate for each race.
Another tote communication glitch led officials at Hollywood Casino at Penn National Race Course to start closing pari-mutuel pools when the first horse enters the starting gate, effective June 6.
Hollywood Casino at Penn National Race Course refunded more than $150,000 in wagers after a communications router failure at its main wagering hub went down, leaving the second race May 20 open for betting after off time.
Flush off a quarter in which it saw increased handle and profit, Youbet.com said May 13 it would look at possibly establishing a presence in another country in an effort to expand its wagering offerings beyond horse racing.
Youbet.com, during an Aug. 5 conference call in which it reported a profit for the second straight quarter, said it is evaluating the effects of a possible merger with TVG.
Churchill Downs will begin testing a new wagering format with on-track customers June 11 that allows patrons to bundle win, exacta, and trifecta plays at a lower price per bet.
Youbet.com has implemented self-described cost-cutting and revenue enhancement initiatives of about $5 million in an effort to offset lower revenue expectations from its IRG and United Tote subsidiaries, the company recently announced.
Youbet reiterated its desire to work with the new TrackNet Media team of Churchill Downs and Magna Entertainment, hoping to build off a fifth-straight year the wagering company reported double-digit handle growth.
Youbet.com has announced a stock offering of 6.2 million shares in an effort to pay off debt assumed when the company acquired United Tote earlier this year.
With executives from the three largest North American tote companies sitting before them, some attendees in a panel discussion at the 33rd Racing & Gaming Symposium Dec. 6 wondered why the trio of bet-processors couldn't work together better for the convenience of the consumer.
Youbet.com Inc. reported a loss of $400,000, or 1 cent a share, in its third quarter, down from a net income of $1.8 million, or 5 cents a share, in the year-ago period, the company said Tuesday.
As the in-development Wagering Transmission Protocol continues to take shape, the major tote companies in the pari-mutuel industry are heralding upgrades they're making in technology and customer service.
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.
Some of the most prominent online betting companies have decided to apply the Racing Trust Mark to support authorized betting and rule-based trade in the horseracing product.
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.
In management changes announced by Youbet.com, Joe Tracy will head a new subsidiary that will develop technology-based games, products, and services, while Jeff True will serve as president of United Tote, which Youbet.com acquired earlier this year.
The New York Racing Association, through its contract with United Tote, linked with VeCommerce Inc., of Littleton, Mass., on March 7 to provide automated telephone account management and wagering functions to its current NYRA One account holders and any new subscribers from New York and Connecticut.
Youbet.com reported net income of $1.5 million, or 4 cents per diluted share, for the fourth quarter that ended Dec. 31, 2005.
Youbet.com, Inc., announced Monday that it completed its previously announced acquisition of privately-held United Tote Company for approximately $31.9 million, which is $2 million less than the previously announced purchase price.
Former Pennsylvania racing executive Drew Shubeck has been named vice president and general manager of Lone Star Park, which is owned by Magna Entertainment Corp. Shubeck replaces Jeff Greco.
Youbet.com, which earlier this year purchased an offshore wagering company, has entered into an agreement to purchase United Tote for $49 million, the company announced Dec. 1. United Tote supplies tote services to more than 90 pari-mutuel facilities in North America.
Racing fans at Churchill Downs will be the first in America to have the opportunity to participate in Fanta-Bet, a competition wagering concept from United Tote beginning on Nov. 3.
After meeting with state racing industry executives, the national Jockeys' Guild has amended California legislation originally designed to establish heavier minimum riding weights in favor of setting parameters for a national peer review study of jockey health issues.
United Tote and The Race Track Chaplaincy of America will host the "United Tote Backstretch Bonanza," a special event for backstretch workers, at Belmont Park Oct. 25 during the week of the Breeders' Cup World Thoroughbred Championships.
United Tote, the gaming technology and tote provider, has signed Kentucky-based Exchange Unlimited as the exclusive sales contractor for a rapidly developing area of the world in the gaming and pari-mutuel sector.
The New York Racing Association will use United Tote as its new tote provider beginning in November, a United Tote spokesman confirmed Friday.
TCA holds annual stallion season auction...Thistledown adds live racing on Dec. 16...United Tote signs key contract renewals.
Delays in the length of time it takes to get final odds posted on a race in progress -- a vexing technological problem in the simulcasting age of racing -- can be improved, but aren't going away any time soon, a panel of tote company representatives told the International Simulcasting Conference on Sept. 30.
An investor group that includes senior management of United Tote and New York-based Kinderhook Industries, completed a management-led buyout of the totalizator company from International Games Technology.
Arlington Park completed its investigation of a suspicious odds drop on the winner of the second race June 28, Rainy Day Rules, announcing Friday there was no proof of any past-post wagering.
The Illinois Racing Board Monday turned back an effort by Maywood Park Trotting Association and Balmoral Racing Club to strip the National Jockey Club of its intertrack wagering licenses in Peru, Joliet, and Crestwood.
Late additions to the University of Arizona Symposium on Racing agenda stem from the Breeders' Cup Ultra Pick 6 investigation and resulting industry pari-mutuel review.
Scientific Games, the parent company to Autotote, fired a software engineer suspected of altering a bet to win the Breeders' Cup Pick 6. An industry task force is expected to be formed to address the integrity of the country's tote systems.
Federal regulators have cleared the purchase of Anchor Gaming, the parent company of United Tote, by gambling equipment giant International Game Technology (IGT). The deal is valued at $1.4 billion.
Automated pari-mutuel tellers that accept bills have disappeared from several racetracks over the past few weeks because of fraud. In July, racetracks and tote companies discovered they were being ripped off by patrons who were “stringing” the automated betting machines.
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