Temporary license extensions of 30 days to the state's four advance deposit wagering companies were approved by the California Horse Racing Board Dec. 16.
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.
Keeneland officials announced March 31 that, for the first time, wagering on the track's upcoming spring race meeting will be available on all major North American betting platforms.
Youbet.com reported a loss of $4.5 million for 2008, fueled by an $11.2 million fourth-quarter impairment charge for subsidiary United Tote, the company reported March 5.
After turning over a new leaf in management, Youbet.com's net income for the third quarter of 2008 experienced a significant increase in profit from the year before.
The Colonial Downs signal will be barred to at least three wagering outlets for its upcoming live meet. The Virginia racetrack joins the list of tracks whose betting options have been curtailed by disputes with horsemen's groups over revenue sharing.
Youbet.com announced May 21 it had regained compliance with NASDAQ trading requirements after its stock price traded above $1 for 10 consecutive business days.
Advance deposit wagering through the Oregon hub system grew nearly 3% in the first quarter of 2008 despite an overall decline in national betting numbers in North America.
Wagering through the Oregon Racing Commission hub system jumped 17.4% in 2007, according to data compiled by the state regulatory agency.
Youbet.com said April 1 it had put a restructuring plan in place to recover from last year's $27.4-million loss, and is looking forward to a turnaround in 2008.
Youbet.com has reached an exclusive agreement with four Illinois racetracks to offer advance deposit wagering access to residents of the state, a deal that is being called the first of its kind because of its revenue sharing program.
An attorney for jockey Jeremy Rose is petitioning a judge in Kentucky to strike down an amended regulation, enacted prior to the 2005 Kentucky Derby (gr. I), that control whether riders can wear advertising on their pants. Rose and Kent Desormeaux were both penalized by the state's racing authority for wearing advertising during the 2005 Derby.
By Dan Liebman - During dinner with colleagues the night of Dec. 29, a member of the party returned to the table and mentioned how the New York Giants were leading the New England Patriots in the fourth quarter. A television in an adjacent room was showing the game on CBS.
International Racing Group has contested a decision by the Oregon Racing Commission to suspend its state operating license, and will continue to conduct business through its hub pending an administrative law hearing.
Former Youbet co-founder and chief executive officer David Marshall has resigned his position as vice-chairman of the company's board of directors, according to an Oct. 30 filing with the U.S. Securities and Exchange Commission.
The Oregon Racing Commission is looking into whether there are any statutory licensing actions to be taken against International Racing Group, which has had $1.5 million in funds seized by federal authorities.
Breeders' Cup Ltd. has anounced agreements to carry the World Championship signals with all major account deposit wagering platforms, including Youbet.com, which has been involved in a federal investigation regarding activities of its off-shore wagering entity, International Racing Group.
A group of bettors frustrated with the fractured structure of advance deposit wagering are planning protests against racing entities they believe are responsible for the industry sector's ills.
Youbet reported a loss of $357,000, or one cent a share, in its second quarter, down from income of $2.2 million, or six cents per share, in the year-ago period, the company reported Tuesday.
Officials with Magna Entertainment spent a good deal of time May 9 highlighting the company's continued attack on staggering debt, and how it will correct an admittedly disappointing start for the slots operations at Gulfstream Park.
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.
A decade after he left the employ of Hall of Fame trainer Wayne Lukas to start his own business, 2006 trainer of the year Todd Pletcher and his mentor are in the same "stable" again, this time as endorsement partners with Youbet.com, where the mission is to win new customers.
Youbet.com Inc. must pay about $1.3 million to its license partner TVG for underpayments during a three-year content agreement that ended March 31, 2005, an arbiter ruled Nov. 16. TVG initially claimed it was owed $5.8 million.
Horse racing and sports book industry veteran Michael L. Knapp has been named Youbet.com's director of new product integration, the company announced Nov. 2.
Hollywood Park picked up an additional six days in the 2007 racing calendar approved by the California Horse Racing Board Oct. 26 at Arcadia City Hall.
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.
Youbet.com will be the first ever title sponsor of the annual Thoroughbred Owners and Breeders Association awards dinner. This year's event will be held Sept. 8 at Vinery near Lexington.
Youbet.com, the online wagering company headquartered in California, plans to review statements given by Rep. John Conyers Jr. of Michigan during the May 2 U.S. House of Representatives Judiciary Committee hearing at which the Democratic Congressman said the company is operating despite a cease-and-desist order from the office of the U.S. attorney general.
Youbet.com handled $4.2 million Preakness Stakes (gr. I) day to top last year's same day handle by 18.5%. The May 20 figure is the second-highest in the history of the account wagering service.
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.
Chuck Champion, president and CEO of Youbet.com discussed the launch of a new Web site, Youbet.net, Wednesday afternoon during the annual convention of the Association of Racing Commissioners International. Youbet.net will be a learning site for new players to learn more about pari-mutuel wagering.
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.
Frustrated with the lack of federal prosecution of illegal offshore gambling operations, the California Horse Racing Board is considering action to curtail the advertising and promotion of such activity by publications and broadcasters.
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.
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.
International Racing Group, a rebate shop located in Curacao but owned and operated by United States-based Youbet.com, was licensed by the Oregon Racing Commission Nov. 2, and is the first such entity to be licensed by U.S. regulators.
Youbet.com, the California-based online wagering service, handled $3.4 million June 11, Belmont Stakes (gr. I) day, to bring its three-day Triple Crown total to $9.5 million. In 2003, the last time Youbet.com offered wagering on the Kentucky Derby (gr. I), Preakness Stakes (gr. I), and Belmont, total handle was $6.5 million, the company said.
Youbet.com shareholders have elected R. Douglas Donn, former CEO of Gulfstream Park Racing Association, and F. Jack Liebau, president of Bay Meadows Racing Association, to serve on the company's board of directors. The two racing executives were elected at the Youbet.com annual shareholders meeting last week.
Youbet.com has closed on its acquisition of International Racing Group, a Curacao-based account-wagering service, for $3 million. The purchase price includes $2 million in cash and $1 million worth of Youbet.com treasury stock.
Youbet.com handled more than $3.5 million on Preakness day, May 21, up 75% from the $2 million wagered on the same day in 2003, the last year the online wagering service offered the race.
Youbet.com and CBS SportsLine.com announced an agreement May 3 making Youbet the exclusive horseracing content provider for the Internet sports media Web site.
Youbet.com registered double-digit increases in handle and total revenue for the first quarter of 2005, which helped boost net income for the online wagering company from $15,000 in the first quarter of 2004 to $1.03 million this year.
Youbet.com, Inc. announced Monday that Roger H. Licht, former chairman of the California Horse Racing Board and a prominent horse racing legal expert, has agreed to become a member of the company's independent wagering compliance committee.
Youbet.com, the California-based online wagering company, has appointed the members of an independent wagering compliance committee designed to provide oversight and audit company practices.
Youbet.com, which recently topped the $1-billion mark in handle, announced Feb. 8 it has a letter of intent to acquire International Racing Group, the Curacao-based account wagering company named but not charged in an 88-count federal indictment that alleged illegal gambling.
Youbet.com has contributed $100,000 to the University of Arizona's Race Track Industry Program to help endow a proposed faculty chair to conduct industry business research to head the RTIP's masters degree program.
The Bay Meadows racing signal will be available to all three legal account deposit wagering companies in California when the Bay Area track opens for business under new management Feb. 2.
Youbet.com has withdrawn its proposal to acquire all of the issued and outstanding shares of American Wagering Inc. for $12 million, the company announced Friday.
Youbet.com and AmericaTab, two online wagering companies, will again be able to offer races from all Magna Entertainment Corp.-owned racetracks under agreements announced Dec. 23.
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