Youbet.com Announces Management Changes

Edited press release

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.

Tracy formerly was chief executive officer of United Tote, which Youbet.com purchased for $31.9 million cash and $14.7 million in United Tote debt. With Tracy heading the new subsidiary, True will become president of United Tote and assume management of its worldwide tote business.

True, currently head of Youbet.com's Western region operations, will be responsible for driving United Tote sales and revenue as an end-to-end provider of wagering platforms, programs, and services with Youbet.com. He is currently the head of Youbet's Western Region.

Joe Hasson, another Youbet veteran, will become vice president of operations for United Tote. Hasson, who helped build the operating base for Youbet's mobile platform, will lead the efforts of the United Tote management team to develop operations protocols to support ongoing and integrated sales.

The appointments, announced March 14, are effective immediately.

"There is tremendous opportunity in game development, and we are fortunate to have the talents of an executive like Joe Tracy to guide our efforts in this important area," Youbet.com chief executive officer Charles Champion said. "He led the resurgence of United Tote's (research and development) programs and he understands the value that can be gained by leveraging our company's advanced technology platforms.

"With the acquisition of United Tote, Youbet and its subsidiaries offer an array of diversified products that have great potential when applied as end-to-end solutions. Jeff True and Joe Hasson have successfully built revenue generating programs for Youbet.com. They have the industry experience, relationships, and background to hasten the integration of our offerings to answer the cost containment needs of tracks and the customer service demands of the wagering public."