Youbet.com Cuts Losses During Third Quarter

A record $46.3 million was wagered through Youbet.com Inc. during the third quarter ended September 30, helping to narrow the online wagering company's overall losses to $2.1 million.

Youbet.com's total handle has risen 71% since the first quarter of the year and is up 146% from the third quarter of last year. Revenues for the third quarter increased to $8.1 million as compared to $1.1 million during last year's third quarter. The $2.1-million quarterly shortfall is an improvement from losses of $3.7-million during last year's third quarter.

Youbet.com officials attributed the increased revenue and handle to having access to more tracks within its system, including those in California, where account wagering was legalized earlier this year.

"We believe these numbers indicate that our business model is proven and our turnaround is in place," said Chuck Champion, CEO.