Youbet.com said Nov. 19 it has settled several disputes with the former owners of defunct off-shore wagering entity International Racing Group, a deal which features both cash and stocks changing hands, and mentions that a federal investigation into IRG may still be active.
Youbet.com has restated its earnings for 2007 due to a recalculation of an earn-out payment to the former owners of defunct subsidiary International Racing Group, increasing its annual loss for the year to $28.4 million.
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.
Several advance deposit wagering companies have yet to secure contracts for the Breeders' Cup World Championships, a consultant said Oct. 15.
Youbet.com disclosed Oct. 12 that the federal government has seized $1.5 million in funds from three Nevada bank accounts affiliated with the company's off-shore entity, IRG.
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