Youbet.com Inc. reported a loss of $400,000, or 1 cent a share, in its third quarter, down from a net income of $1.8 million, or 5 cents a share, in the year-ago period, the company said Tuesday.
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.
The Ohio Horsemen's Benevolent and Protective Association has indicated Thistledown is authorized to send its signal to Youbet.com, but the California account wagering company has indicated it may not be willing to offer the signal.
Youbet.com has named Jeff Franklin, 53, the company's long-time product development and player services leader, to the newly created position of president of Youbet online services, the company's online pari-mutuel wagering unit. The announcement of Franklin's promotion was made by Youbet CEO Charles Champion.
Hawthorne Race Course, which opens for live racing Sept. 15, and TVG have ended their exclusive contract, which led the Illinois track to strike deals with Youbet.com and XpressBet to offer wagering on its signal.
Churchill Downs Inc. exercised its contractual rights in regard to an account wagering dispute in Illinois by revoking permission for TVG sub-licensees to take bets on the Arlington Park signal, a company official said a day after the Arlington meet ended. Meanwhile, it remains unclear whether the Hawthorne Race Course signal would be available through TVG or other account wagering outlets.
A simmering dispute over licensing fees tied to account wagering has flared up in Illinois, where horsemen have pulled the Arlington Park signal from TVG in an attempt to get the signal from the upcoming meet at Hawthorne Race Course available through Youbet.com.
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.
A two-hour discussion on account wagering and secondary pari-mutuel operations July 14 again revealed horsemen have knowledge of situations that suck revenue from purse accounts, but no definitive national strategy to recoup the money.
Some of the most prominent online betting companies have decided to apply the Racing Trust Mark to support authorized betting and rule-based trade in the horseracing product.
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 and Harrah's Louisiana Downs have joined forces on a multi-year program that will make the online wagering company the official wagering provider for the Bossier City, La., racetrack.
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.
Youbet.com subsidiary United Tote Company contributed $100,000 to the University of Arizona's Race Track Industry Program (RTIP) to support its racing industry endowed chair to head a Masters program and conduct industry research.
The Racing Commissioners International (RCI) is taking an industry leading position with their subsidiary RCI Integrity Services. The push forward was made during the 72nd annual convention of the RCI that is taking place at the Hyatt Regency Tamaya Resort near Albuquerque, N.M.
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.
The Race for Education announced that students have until March 31 to apply for four National Turf Writers/Youbet.com Journalism Scholarships to be awarded this spring. Undergraduate or graduate students may apply for the annual grants, which provide $10,000 per year for up to four academic years.
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, Inc. announced Monday that its advanced deposit wagering Web site has gained the right to simulcast all of Magna Entertainment Corporation's live horse racing content during the 2006 season.
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.
Offshore wagering services issued statements Sept. 13 expressing unhappiness with the way rebate shops were portrayed in a report that led to dismissal of charges against the New York Racing Association.
The Ohio Horsemen's Benevolent and Protective Association has approved the transmission of Thoroughbred signals from Ohio to the TV Games Network and XpressBet, and also approved the sending of the signal from Thistledown to Youbet.com. However, it has failed strike a deal with AmericaTAB, the account-wagering company owned by Ohio interests.
Jeff True, Western region general manager for Youbet.com, has been named a vice president of the company. He will continue with his current duties but also head promotion and partner development programs.
Friends of New York Racing, a nonprofit entity formed to devise a new economic model for New York racing, has proposed a profitable public/private structure for the New York Racing Association and installation of video lottery terminals at Belmont Park.
Youbet.com announced Monday that it has filed a $50 million universal shelf registration statement on Form S-3 with the Securities and Exchange Commission.
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 set records for one-day handle and customer deposits May 7, Kentucky Derby (gr. I) day, the online wagering company announced.
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.
Five account-wagering hubs in Oregon handled a total of $883 million last year, up about 6% from the 2003 figure. Meanwhile, fourth-quarter handle for 2004 was down slightly from the same period in 2003, according to Oregon Racing Commission statistics.
Youbet.com reported Monday that it had record net income for the 2004 fourth quarter period of $535,372, or $0.02 per fully diluted share, compared to a loss of $1.2 million, or ($0.04) per fully diluted share, in the 2003 fourth quarter.
Youbet.com announced Monday that it plans to launch a horse racing entertainment Web site in March of this year exclusively for access by customers in Mainland China.
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 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.
Lonny Powell, president of the Association of Racing Commissioners International, will leave the post Feb. 1, 2005, to take a job with Youbet.com as vice president of public affairs. He also will oversee the online wagering company's activities in the central region of the United States.
Youbet.com, the online wagering company based in California, continued its growth trend in the third quarter of 2004 with income of $791,085, compared with a loss of $617,853 for the same period in 2003.
Hall of Fame trainer D. Wayne Lukas, who has won a record 17 Breeders Cup races in his career, signed on as a spokesman for the home wagering company Youbet.com on Oct. 26.
Youbet.com announced Wednesday that it is attempting to acquire American Wagering Company for $9.5 million.
Three account wagering providers that hub through Oregon set all-time records for a three-month period in the second quarter of 2004, according to statistics provided by the Oregon Racing Commission.
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