Churchill Downs Inc reported 19% growth in revenue for 2011 due largely to a Mississippi casino and online wagering.
Social media was called the biggest opportunity for horse racing to develop new players, but it needs to be handled in a strategic manner, panelists said Dec. 8 at the University of Arizona Symposium on Racing & Gaming.
Churchill Downs Inc. reported net earnings of $3.7 million for the third quarter of 2010, up considerably from a net loss of $1.2 million for the same period in 2009.
Churchill Downs Inc. will terminate about 60 employees because of what it calls "redundancies" in its online betting operations.
The ability of Churchill Downs Inc. to expand into online wagering, casino-type gaming, and entertainment offerings at its four racetracks has enabled the company to continue to grow.
Churchill Downs Inc. announced June 2 that it has completed its merger with Youbet.com.
CDI and Youbet.com extend the outside date for termination of their merger agreement, though merger still expected to close in second quarter of 2010
- By Tom LaMarra
Youbet.com reported a small loss for the first three months of 2010, noting there would have been a similar gain if not for $1 million in expenses tied to its impending merger with Churchill Downs Inc.
Youbet.com shareholders voted to approve a merger agreement with Churchill Downs Inc., the company announced April 6.
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.
When Churchill Downs Inc. released its 2009 annual report March 2, it offered a clear picture of the shift in wagering trends from racetracks to online and telephone wagering.
Churchill Downs Inc. has announced that the United States Justice Department has asked for more information related to its proposed $126.8-million deal to buy online rival Youbet.com.
- 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.
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Dawn Haden will replace Jeff True as president of United Tote, parent company Youbet.com has announced.
BloodHorse.com has announced the return of the interactive game "Breeders' Cup Bracket Battles" presented by Youbet.com. Beginning Oct. 1, and for the five-week period leading up to this year's Breeders' Cup World Championships.
- 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.
There was only one person who correctly selected the winners of all six graded stakes races for the Pick 6 on Belmont Stakes (gr. I) Day, June 6, resulting in a payout of $969,345.
Led by strong performances from Twinspires.com and Youbet.com, collective handle for the four largest domestic advance deposit wagering platforms increased by roughly 15% in the first quarter of the year, while their overall share of the national betting pie grew by more than 2%.
Wagering was up on several segments of the Preakness day card, according to data released May 18 by Maryland Jockey Club officials, fueled in part by the showdown between Kentucky Derby Presented By Yum! Brands (gr. I) winner Mine That Bird and Kentucky Oaks (gr. I) victress Rachel Alexandra.
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.
A bill that would end a ban on wagering online in the United States was introduced May 6 by Democratic Rep. Barney Frank of Massachusetts.
Churchill Downs announced April 25 that advance-deposit wagering companies TwinSpires.com and Youbet.com, Inc. will offer the Churchill Downs signal for the racetrack's 2009 spring meet.
Wagering on the Churchill Downs spring meet may again be restricted to customers of certain betting outlets, although negotiations appear to be ongoing to include some that are on the outside looking in.
Youbet.com will carry the Calder Race Course signal for the live meet beginning April 24, saying the move is another building block on "continued cooperation" between parent company Churchill Downs Inc. and the advance deposit wagering entity.
Youbet.com has signed three agreements that will enable its members to watch and wager on racing from South Africa, Sweden, additional tracks in the United Kingdom, and Puerto Rico, providing nearly 24-hour-a-day racing coverage.
Even though TVG, TwinsSpires.com, and XpressBet.com enjoyed handle growth in 2008, total wagers processed by advance deposit wagering entities through hubs in Oregon decreased for the first time this decade, though the numbers are skewed by actions related to another member of the "Big Four," Youbet.com.
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.
Two brothers have been charged by the U.S. District Court in Nevada in connection with a U.S. Attorney's Office investigation that included the former offshore rebate shop International Racing Group.
Here's a fact: Some domestic advance deposit wagering outlets are openly offering cash rebates to customers that wager on California racing signals.
The National Thoroughbred Racing Association announced Jan. 26 that Mike Ziegler has been named the executive director of the NTRA Safety and Integrity Alliance.
Youbet.com has reached an agreement to take bets on Gulfstream Park for that track's meet which begins on Jan. 3, Sam Gordon, president of the Florida Horsemen's Benevolent and Protective Association, said Dec. 30.
An impasse in California over fee rates for interstate advance deposit wagering that has had a negative impact on Hollywood Park's fall meet ended Nov. 21 with the announcement that one-year deals with the four licensed providers in the state have been reached.
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.
Members aligned on different sides of advance deposit wagering's "Big Four" reported mixed handle results in the third financial quarter amid declining national betting trends.
The signal for the Fair Grounds race meet starting Nov. 14 will be available to a wider variety of advance deposit wagering outlets, a group that does not include TVG, Churchill Downs Inc. announced Nov. 12.
One old betting axiom -- "shut out at the window" -- has taken on a whole new meaning when paired with a relatively new one in the racing industry lexicon: "signal wars."
Youbet.com has named David Goldberg chief operating officer, the company announced Nov. 3.
A public equity investment firm managed by the president and chief executive officer of Youbet.com is considering several options for the online wagering and tote company, including a potential takeover, according to a recent filing with the Securities and Exchange Commission.
California horsemen and Hollywood Park reached a tentative agreement Oct. 10 that allows the track to operate its 40-day autumn race meet, but a stalemate over host fees to be paid by account wagering companies for interstate bets remains unresolved.
Support for reform of the revenue model for advance deposit wagering continues to increase, but as evidenced Sept. 30 during the International Simulcast Conference, it's looking more and more like a long-term project.
While signal distribution at racetracks continues to be a hot topic in the horse racing industry, that doesn't appear to be the case at Hawthorne Race Course, which opens its meet Sept. 26.
With horsemen and Hollywood Park unable to come to agreement on revenue splits from account wagering sources for the upcoming autumn meet at the Inglewood track, the California Horse Racing Board agreed to conduct a special hearing to settle the impasse.
Mike Ziegler, most recently vice president and assistant general manager at Hollywood Park, has been named senior vice president of California-based Youbet.com, the company announced Sept. 16.
Several advance deposit wagering entities posted increased handle through the Oregon hub system in the second quarter of the year, despite an overall national decline blamed primarily on a revenue-sharing dispute between horsemen's groups and various tracks.
TVG, which posted partial-quarter net revenues of $8.8 million for new owner Macrovision Solutions Corp. Aug. 7, is still on the sales block. Officials with the parent company said the horse racing network has received multiple inquiries from undisclosed suitors.
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.
TVG and Portland Meadows have until July 21 to work out an agreement on source-market fees, or face the prospect of unspecified sanctions by the Oregon Racing Commission.
Handle jumped more than 50% in the first three days of the Ellis Park meet, which started a week late due to a disagreement over revenue sharing.
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