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Youbet: 2007 Loss Now $28.4 Million

Youbet: 2007 Loss Now $28.4 Million

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.

ADWs will Argue for Oregon Licenses

Two advance deposit wagering companies operating through the hub system in Oregon recently had their annual license renewals tabled by the state's racing commission, but will be able to rectify the situation at an upcoming July 17 meeting.

Deal Gives ADWs Louisiana Downs Signal

Deal Gives ADWs Louisiana Downs Signal

Louisiana horsemen have approved a deal allowing Youbet.com and Premier Turf Club the signal to Louisiana Downs, the first agreements reached with any advance deposit wagering companies under the auspices of negotiating with the Thoroughbred Horsemen's Group.

Youbet Focusing on the Future

Youbet Focusing on the Future

Youbet.com put the memory of its association with former subsidiary International Racing Group in its rear-view mirror during a May 6 conference call where it reported a net income of $774,000 for the first quarter of 2008.

Youbet Settles Lawsuit in Virginia

Youbet Settles Lawsuit in Virginia

A federal lawsuit between Youbet.com and several entities associated with Virginia racing has been settled, resulting in a renewed effort by the advance deposit wagering company to become licensed in the state.

Youbet to Close IRG

Youbet to Close IRG

Youbet.com will close its troubled off-shore telephone wagering entity International Racing Group, according to a Feb. 13 filing with the U.S. Securities and Exchange Commission.

Wagering Down, Purses Up in 2007

Overall wagering declined slightly in the United States in 2007 while purses increased, according to "Thoroughbred Racing Economic Indicators" data released Jan. 15.

Youbet Shut Out From Gulfstream

Youbet Shut Out From Gulfstream

A contentious standoff over Gulfstream Park's racing signal has brought a chilling end to any warm fuzzies felt from the recent broad distribution deals emerging out of California, New Jersey, and New York.

IRG: Some Customers Being Paid

IRG: Some Customers Being Paid

A spokesman affiliated with Youbet.com says certain customers of subsidiary International Racing Group have received funds owed by the off-shore rebate shop, which is part of an investigation being conducted by the federal government.

NYRA Has New Content Deals for 2008

NYRA Has New Content Deals for 2008

The New York Racing Association has entered into a content exchange agreement with TrackNet Media Group for 2008, NYRA officials said Dec. 28. In addition, NYRA has new deals with TVG and Youbet.com for the upcoming year.

Wanted: A Better Pari-Mutuel Model

The head of the National Horsemen?s Benevolent and Protective Association has suggested the horseracing industry create an entity to assist in the marketing and distribution of its product, in this case racing signals.

Champion Resigns Youbet Posts

Champion Resigns Youbet Posts

Chuck Champion has resigned his executive positions with Youbet.com, ending a five-year tenure that featured bouts of growth and turmoil for the advance deposit wagering entity.

IRG a Hot Topic During Youbet Call

IRG a Hot Topic During Youbet Call

Youbet.com reported a decline in overall handle and increase in total revenue for the third quarter of 2007, but a related earnings conference call with analysts Nov. 7 was punctuated by discussion of the federal investigation involving the company's off-shore entity, International Racing Group.

IRG Faces License Suspension in Oregon

IRG Faces License Suspension in Oregon

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.

Youbet.com Subject of Virginia Licensing Lawsuit

Colonial Downs and Virginia horsemen have filed a lawsuit claiming Youbet.com is operating illegally without a license in the commonwealth, and want the advance deposit wagering company to pay back hundreds of thousands of dollars in lost source-market fees.

Youbet.Com To Be Presenting Sponsor of TOBA Awards Banquet

The Thoroughbred Owners and Breeders Association announced that Youbet.com will be the presenting sponsor of the 2007 TOBA National Awards Dinner scheduled for Sept. 8 at Hill 'n' Dale Farms near Lexington. This marks the second consecutive year that Youbet.com has been the presenting sponsor of the event.

TrackNet to Offer Claiming Crown to Rivals

Saying it was responding to the pleas of horsemen, TrackNet Media Group will offer Aug. 4 Claiming Crown racing at Ellis Park to arch-rivals TVG and Youbet.com, though a company executive said the move doesn't indicate a softening of the hard lines drawn by the parties.

TrackNet Takes Another Shot from Youbet

Youbet.com directed more criticism at the controversial content alliance of Churchill Downs and Magna Entertainment May 8, with one executive telling analysts during an earnings conference that the partners in TrackNet Media Group "ended up shooting not only themselves, but an entire industry."

TrackNet Media CEO Comments on Impasse With Youbet.com

  • News

In response to a release and teleconference by Youbet.com Monday concerning an impasse in its negotiations with TrackNet Media Group over account deposit wagering, Scott Daruty, chief executive officer of TrackNet Media Group, released a statement outlining his company's position.

Pletcher Joins Lukas in Youbet Online 'Stable'

  • News

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.

Instant Racing Bill Re-Introduced in Virginia

Old races may provide new funds to maintain Virginia roads should lawmakers pass a bill that has been re-introduced in the General Assembly. A similar bill that had been submitted during the General Assembly's special transportation session last September was passed over.

California ADW Rivals Near Signal Agreement

California customers of rival account deposit wagering companies TVG and XpressBet would be able to play any track in the state with their preferred carrier under an agreement being negotiated on a one-year experimental basis.

Youbet Hails Decision in TVG Arbitration Fight

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.

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