TV Games Network and AmericaTAB have signed a patent license and content agreement that allows AmericaTAB to accept wagers on TVG's exclusive partner tracks, and implement TVG technology.
Online wagering company America Tab has gained access to many of the country's premier racetracks by entering into a patent and content licensing agreement with the TV Games Network.
Youbet.com had added an entertainment industry executive and a venture capitalist to its board of directors.
Youbet.com notched its second leg of the Triple Crown Monday when it signed a two-year marketing and content agreement with the Maryland Jockey Club.
Youbet.com has signed a one-year marketing agreement that makes the California-based company the official online wagering service for this year's Kentucky Derby (gr. I).
Youbet.com announced the resignation of Phillip Hermann as chief financial officer at the same it welcomed Guy Chipparoni to its board of directors. Hermann is the fifth officer and/or director to leave Youbet.com since November.
Youbet.com has appointed Charles Champion as its new president and chief operating officer effective immediately.
Youbet.com, the online horse racing and wagering service, is being sued by a Kentucky racing information company for allegedly failing to pay an estimated $80,000 in royalties.
A founder of Youbet.com who recently rejoined the pari-mutuel wagering network says the company's new management team is focusing on marketing, cooperative efforts with racetracks, and raising capital.
David Marshall has officially taken charge of Youbet.com, a California online horse racing and wagering service that he co-founded.
Ron Luniewski, the co-chief executive officer of Youbet.com, is resigning from the online horse racing wagering company to run Magna Entertainment's new XpressBet interactive wagering business.
Youbet.com co-founder David Marshall is investing $750,000 in the online pari-mutuel wagering service and assuming the positions of chairman and chief executive officer.
Youbet.com has been notified by the Nasdaq Stock Market that it isn't in compliance with the $1 a share minimum bid price standard.
Youbet.com has been licensed by the California Horse Racing Board to offer account-wagering services to residents of California, effective immediately. Meanwhile, through Feb. 18, account-wagering handle through two other systems topped $5 million in the Golden State.
Jockey Chris McCarron has resigned from the Youbet.com board of directors because of increasing demands from the Jockey's Guild.
Magna Entertainment Corp. said it would pay a racetrack partner in its new XpressBet account wagering system up to 60% of the takeout if the bet is placed with a 25-mile radius of that track.
Account wagering offers Thoroughbred racing its best opportunity yet for real industrywide growth, according to a new report from Bear, Stearns, & Co. The 128-page report analyzes the regulatory and technological environment governing account wagering, and offers suggestions about what changes must occur for account wagering to expand.
The California Horse Racing Board has granted licenses to two companies to offer account wagering effective immediately, and betting will begin. But the licenses are time-sensitive, and some deals with horsemen remain in limbo.
Applications from four companies seeking to offer account wagering in California will be considered by the California Horse Racing Board on Jan. 24.
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.
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.
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.
Churchill Downs' board of directors authorized the repurchase of up to 55,000 shares. The buy-back was authorized to help stablize the company's stock price and contribute to stablizing the market overall. Despite financial experts pleas to investors that they should not react to the terrorist attacks in New York and Washington D.C., the major stock markets sustained significant losses.
Youbet.com today announced the opening of its new Oregon wagering hub. The new hub allows Youbet.com customers access to racetracks previously available only through the TV Games Network. Along with the new hub, Youbet has adjusted its price. The service now charges a fee per transaction instead of a monthly fee.
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 will begin taking bets through its new Oregon wagering hub in August, a month earlier than expected. Once the hub is operating, customer can beginning wagering on racetracks once offered exclusively through the TV Games Network. Youbet.com is anticipating significantly higher revenue by the first quarter of next year.
The Nasdaq National Market has informed Youbet.com, Inc. that the company is now in compliance with listing qualifications and will not be dropped from its listings.
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.
- By Ray Paulick
By Ray Paulick -- The recent agreement between the TV Games Network and Youbet.com looks like a win-win-win-win situation for the racing industry.
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.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 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 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.
Top officials in Michigan said an investigation has revealed that pari-mutuel wagering companies have illegally accepted wagers from Michigan residents by telephone or through the Internet. The companies have been sent "warning letters," the officials said.
Jockey Chris McCarron has joined the Youbet.com board of directors. McCarron has been a company spokesman since 1996. He replaces Charles D. Peebler Jr., who has stepped down.
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.
While most companies with ties to Thoroughbred racing followed the markets downward this week, a couple managed to see their stock values appreciate.
Forbes.com, the online initiative of Forbes magazine, includes Youbet.com on a list of five fast-growing technology companies with uncertain futures. In an introduction to its "Five That Could Dive" list, Forbes.com notes: "Being one of the country's 100 fastest-growing companies is a nice place to be, even if analysts rate your chances of surviving the ramp as less than good."
Youbet.com Inc., the online live event and horse racing wagering company, announced Friday that it received notification from The Nasdaq Stock Market that it is not in compliance with the National Market's listing maintenance standard regarding minimum bid prices. This standard requires that the company's common stock maintain a minimum bid price of at least $1.00 per share. In order to comply with this standard, the company's common stock must have a minimum bid price of at least $1.00 for 10 consecutive trading days prior to May 21, 2001.
- By Ray Paulick
by Ray Paulick-- Julius Boros led professional sports in a new direction in 1971 when he donned a hat bearing the logo of the Iowa appliance maker Amana during a televised tournament. He may have gotten nothing more than a Radar Range out of the deal, but Boros opened the doors to what is now a multimillion-dollar endorsement business for many professional athletes, including some jockeys.
Youbet.com, an online wagering service, hopes to grow its wagering business through a deal with Daily Racing Form.
Youbet.com chairman Robert Fell tried assuring investors Thursday that his embattled company has the technology and the cash to operate successful Web-based horse racing and sports wagering sites.
Youbet.com, the interactive pari-mutuel wagering network that has seen its stock price plummet this week amid a restructuring, has been dealt a setback by regulators in New Jersey.
Trading continued to be heavy on Youbet.com Thursday, but the stock price closed a more modest 4.4% lower than the day before. The day provided some relief to the two previous days of double digit declines.
Youbet.com, one of two major pari-mutuel online wagering and information companies, announced Tuesday that it was laying off 34 employees immediately and that A.L. Frank, company president and chief operating officer since February, had resigned.
Youbet.com cut its losses by 45% during its third quarter ending Sept. 30. Increased revenue and wagering by subscribers is helping pull the California-based company slowly toward the black side of the balance sheet.
A three-fold increase in subscribers and the addition of 13 racetracks helped Youbet.com increase revenue and cut losses during its second quarter.
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