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.
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.
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.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.com reported March 31 it lost $28.7 million in the fourth quarter of 2007 on the same day it was notified by NASDAQ it faces delisting from the stock exchange.
Youbet.com said March 18 it had resolved its part in a federal investigation into its former International Racing Group subsidiary, and will not be charged in return for continued cooperation with officials.
TVG has announced an exclusive multi-year agreement that ends an 18-month hiatus of Hawthorne Race Course from the racing network's line-up, and the Illinois track says it is all part of bigger plan to broaden its own plans for a self-run wagering entity.
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.
Lonny Powell has stepped down from his executive position with Youbet.com, joining others who have left the California-based advance deposit wagering company in recent months.
Just as the door closes on International Racing Group's operating presence in Oregon, the state is prepared to welcome two new players to the advance deposit wagering scene.
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.
Overall wagering declined slightly in the United States in 2007 while purses increased, according to "Thoroughbred Racing Economic Indicators" data released Jan. 15.
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.
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.
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.
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.
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.
Fueled by a record total from TVG, wagers handled through Oregon hubs jumped 19.7% for the third quarter of 2007, according to data released by the state's racing commission.
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.
California will embark on an eight-month experiment Nov. 7 that will allow all advance deposit wagering providers in the state access to all Thoroughbred signals.
International Racing Group and parent company Youbet.com are facing a Nov. 12 deadline in regards to IRG's license to operate a wagering hub in Oregon, and basically have two avenues to pursue for continued operation there.
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.
Advance deposit wagering, which in five years has grown to represent about 13.4 % of total handle through the California pari-mutuel system, was reauthorized by Gov. Arnold Schwarzenegger Oct. 13.
TrackNet Media Group is confident it will execute a contract to carry the Breeders' Cup World Championships signal, an executive with the content management company said Oct. 16.
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.
A federal search warrant was served at the California headquarters of Youbet.com Oct. 4 as part of a federal investigation being conducted by the U.S. Attorney's Office in Las Vegas, the company has reported.
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.
Account wagering companies no longer are accepting wagers from Arizona residents due to a law that took effect Sept. 19. Violation of the law is a class six felony, which could mean jail time.
Hearing complaints from fans and state legislators, the California Horse Racing Board tried to tackle two fronts on how to maintain integrity for the sport: late wagers and board conflicts.
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.
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.
Youbet.com has implemented self-described cost-cutting and revenue enhancement initiatives of about $5 million in an effort to offset lower revenue expectations from its IRG and United Tote subsidiaries, the company recently announced.
Horsemen are calling for an end to the stalemate over account wagering; and even though providers say they want it to end as well, there doesn't appear to be a resolution in sight.
James Burk and Gary Sproule have been named chief financial officer and chief operating officer of Youbet.com, the company announced July 9.
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."
Youbet.com won't be offering Derby wagering this year, but its customers will have a shot at $1 million in a contest tied to the two marquee races at Churchill Downs this Friday and Saturday.
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.
Youbet.com announced Monday that it is at an impasse in negotiations with TrackNet Media that could result in the online wagering company being unable to take bets on this year's Kentucky Derby Presented by Yum! Brands (gr. I).
A temporary ban on the release of race video replays from Magna Entertainment tracks may continue through the end of the week for Post Time Technologies business partners, which include The Blood-Horse and the National Thoroughbred Racing Association.
An application by twinspires.com, the new Churchill Downs Inc.-owned account wagering service, was approved by the Virginia Racing Commission.
Youbet.com will begin offering wagering on racing from Philadelphia Park Casino & Racetrack March 31.
Youbet.com will team with Boyd Gaming's Delta Downs Racetrack & Casino in Louisiana to help build the track's online pari-mutuel handle.
Account wagering provider Youbet.com said it applauds the partnership between Churchill Downs Inc. and Magna Entertainment Corp. because it should assist in wagering 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.
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.
Youbet.com has announced a stock offering of 6.2 million shares in an effort to pay off debt assumed when the company acquired United Tote earlier this year.
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.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.
As predicted, all-source wagering exceeded $140 million for the Breeders' Cup World Championships held Nov. 4 at Churchill Downs, according to official figures released Nov. 9.
Most Popular Stories
- Cozmic One Approaches Long-Awaited Debut
- Cozmic One Lacks Late Kick in Debut
- No Medication for Mubtaahij in Kentucky Derby
- Churchill to Stream Derby, Oaks Workouts Live
- Former KY Governor Seeking Third Oaks Win
- California Chrome Under Saddle at Newmarket
- Mott Fights Denial of Assistant's Visa
- Bernardini Filly Shows Maturity in OBS Breeze
- Brother to Eight Belles Gets Tesio Class Test
- Ben's Cat Opens Season with Runner-Up Finish