Keyword: Charles Champion

  • Youbet: 2007 Loss Now $28.4 Million

    Youbet.com has restated its earnings for 2007 due to a recalculation of an earn-out payment to the former owners of defunct subsidiary International Racing Group, increasing its annual loss for the year to $28.4 million.

  • Lonny Powell

    Powell Latest to Exit Youbet.com

    Lonny Powell has stepped down from his executive position with Youbet.com, joining others who have left the California-based advance deposit wagering company in recent months.

  • Chuck Champion

    Champion Resigns Youbet Posts

    Chuck Champion has resigned his executive positions with Youbet.com, ending a five-year tenure that featured bouts of growth and turmoil for the advance deposit wagering entity.

  • Former Youbet CEO Resigns Board Position

    Former Youbet co-founder and chief executive officer David Marshall has resigned his position as vice-chairman of the company's board of directors, according to an Oct. 30 filing with the U.S. Securities and Exchange Commission.

  • Oregon Calls Meeting to Discuss IRG Licensing

    The Oregon Racing Commission is looking into whether there are any statutory licensing actions to be taken against International Racing Group, which has had $1.5 million in funds seized by federal authorities.

  • Youbet Announces Plan to Offset Lower Revenues

    Youbet.com has implemented self-described cost-cutting and revenue enhancement initiatives of about $5 million in an effort to offset lower revenue expectations from its IRG and United Tote subsidiaries, the company recently announced.

  • TrackNet Takes Another Shot from Youbet

    Youbet.com directed more criticism at the controversial content alliance of Churchill Downs and Magna Entertainment May 8, with one executive telling analysts during an earnings conference that the partners in TrackNet Media Group "ended up shooting not only themselves, but an entire industry."

  • Youbet Reports 62% Handle Growth in 2006

    Youbet reiterated its desire to work with the new TrackNet Media team of Churchill Downs and Magna Entertainment, hoping to build off a fifth-straight year the wagering company reported double-digit handle growth.

  • Pletcher Joins Lukas in Youbet Online 'Stable'

    A decade after he left the employ of Hall of Fame trainer Wayne Lukas to start his own business, 2006 trainer of the year Todd Pletcher and his mentor are in the same "stable" again, this time as endorsement partners with Youbet.com, where the mission is to win new customers.

  • Youbet Hails Decision in TVG Arbitration Fight

    Youbet.com Inc. must pay about $1.3 million to its license partner TVG for underpayments during a three-year content agreement that ended March 31, 2005, an arbiter ruled Nov. 16. TVG initially claimed it was owed $5.8 million.

  • Youbet.com Tabs Michael Knapp for Key Post

    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.

  • Account-Bet Dispute Addressed; Signal Available

    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.

  • Franklin Named President of Youbet Online Services

    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.

  • California Ponders Offshore Betting Options

    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 Completes United Tote Acquisition

    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 Has Deal to Buy Tote Company

    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.

  • High-Volume Shop Licensed by Oregon Regulators

    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.

  • Youbet.com Handle Up 33% on Belmont Day

    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 Purchases Offshore Wagering Company

    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 Preakness Day Handle Up 75%

    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 Sets One-Day Handle Record

    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 Has Strong Quarter; Eyes Expansion

    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.

  • Licht Joins Youbet.com's Compliance Committee

    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 Forms 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.

  • Here and There...

    Youbet.com gets a new chairman... The Maryland Jockey Club and Magna Entertainment Corp.'s premiere of the movie "Seabiscuit" raised over $181,000 for two Maryland charities.