Youbet.com announced today the opening of its new wagering hub in Oregon. The multi-jurisdictional hub, call Youbet.com TotalAccess, now allows patrons of the California-based online wagering service to wager on 81 racetracks in 39 states.
"Youbet.com's hub opening is a milestone event that translates into vast market opportunity for the company," said Robert Fell, Youbet.com's chairman and chief executive officer. "As a follow-up to our Gemstar-TV Guide International (Nasdaq:GMST) relationship, we are celebrating the ahead-of-schedule launch of this new operation, which we expect will drive substantial growth in our network in terms of handle processed and overall subscriber activity."
In May, Youbet.com (Nasdaq:UBET) formed a strategic partnership with the TV Games Network, a live horse racing channel and interactive wagering service owned by Gemstar-TV Guide. The deal was particularly valuable to Youbet.com because TVG holds exclusive broadcast and interactive wagering contracts with the United States' premier racetracks. TVG's racetrack partners control $7 billion of the $16 billion domestic horse racing wagering handle. The strategic partnership also gives Youbet.com patrons access to the Breeders' Cup World Thoroughbred Championships and the Triple Crown races.
The hub, located in Beaverton, Ore., will handle live racing seven days a week, approximately 16 hours per day.
Youbet.com also has adjusted its price structure. Youbet.com subscribers wagering through both the Pennsylvania and Oregon hubs will pay a $0.25 fee per wagering transaction instead of a monthly subscriber fee of $5.95.
"We feel that a transaction-based model is more attractive both for our subscribers and for the economies of our business," Fell said.