Youbet

News, Articles, Videos and other content about Youbet

Youbet.com Reports Third Quarter Losses

  • News

Youbet.com's significant decreases in third quarter revenue and handle is being blamed on the weak economy and the aftermath of the Sept. 11 terrorist attacks in New York and Washington, D.C. Revenue fell 19% to $1.13 million for the third quarter ending Sept. 30, down from $1.39 million for the same period of 2000. Handle also dropped 16% to $18.8 million, down from $22.4 million a year ago.

Fell Steps Down As Youbet.com CEO

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.

BC Yet to Iron Out Account-Wagering Wrinkle

Last year, the day before the Breeders' Cup, officials from the organization and the TV Games Network traveled to Ohio to strike a deal allowing Winticket.com, Beulah Park's account-wagering subsidiary, to accept wagers on the eight races. Eleven months later, with the Oct. 27 Breeders' Cup World Thoroughbred Championships asoon approaching, no agreement is in place to cover the same situation.

Youbet.com Reports Reduced Loss for Period

Youbet.com on Wednesday posted a loss of $3.2 million, or 17 cents per common share, for the second quarter of 2001. Meanwhile, revenue for the second quarter rose 14% to $1.7 million compared with the same period last year, and handle derived from the company's subscriber base increased 8% to a record $28.4 million for the second quarter, compared with $26.3 million during the same quarter in 2000.

Youbet.com Predicts Profitability by 2002

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.

Nasdaq May Still Pull Youbet Listing

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 Notches Record Week

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 Strikes Deal With TVG; Stock Soars

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.

Youbet.com Reduces Loss, Gains Subscribers

Youbet.com reduced its net loss for the first quarter of the year by 31% to $2.4 million, or 12 cents per share. During the same period a year ago, the company reported a net loss of $3.4 million, or 17 cents per share. The online horse racing and wagering service also gained 1,400 new subscribers between Jan. 1 and March 31.

Youbet.com Cuts Losses

Youbet.com, the online pari-mutuel wagering service, reported a 52% reduction in losses for its fourth quarter and a 41% reduction in losses for 2000. For the year ended December 31, 2000, the company's loss before an extraordinary net gain was $16.7 million or $0.86 per common share, a reduction of 32% from the loss of $24.5 million, or $1.45 per common share recorded for the full year 1999. Including the extraordinary item, Youbet.com's net loss for 2000 was $1.7 million, or $0.09 per common share.

Most Popular Stories