Documents filed in connection with his Chapter 11 bankruptcy petition show that prominent horse owner Ahmed Zayat made loans to two brothers who have been convicted in connection with illegal bookmaking.
Even though TVG, TwinsSpires.com, and XpressBet.com enjoyed handle growth in 2008, total wagers processed by advance deposit wagering entities through hubs in Oregon decreased for the first time this decade, though the numbers are skewed by actions related to another member of the "Big Four," Youbet.com.
Two brothers have been charged by the U.S. District Court in Nevada in connection with a U.S. Attorney's Office investigation that included the former offshore rebate shop International Racing Group.
Youbet.com said Nov. 19 it has settled several disputes with the former owners of defunct off-shore wagering entity International Racing Group, a deal which features both cash and stocks changing hands, and mentions that a federal investigation into IRG may still be active.
Members aligned on different sides of advance deposit wagering's "Big Four" reported mixed handle results in the third financial quarter amid declining national betting trends.
Youbet.com, during an Aug. 5 conference call in which it reported a profit for the second straight quarter, said it is evaluating the effects of a possible merger with TVG.
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.
Wagering through the Oregon Racing Commission hub system jumped 17.4% in 2007, according to data compiled by the state regulatory agency.
Youbet.com said April 1 it had put a restructuring plan in place to recover from last year's $27.4-million loss, and is looking forward to a turnaround in 2008.
Youbet.com reported March 31 it lost $28.7 million in the fourth quarter of 2007 on the same day it was notified by NASDAQ it faces delisting from the stock exchange.
Youbet.com said March 18 it had resolved its part in a federal investigation into its former International Racing Group subsidiary, and will not be charged in return for continued cooperation with officials.
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.
Just as the door closes on International Racing Group's operating presence in Oregon, the state is prepared to welcome two new players to the advance deposit wagering scene.
Youbet.com will close its troubled off-shore telephone wagering entity International Racing Group, according to a Feb. 13 filing with the U.S. Securities and Exchange Commission.
A spokesman affiliated with Youbet.com says certain customers of subsidiary International Racing Group have received funds owed by the off-shore rebate shop, which is part of an investigation being conducted by the federal government.
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.
Fueled by a record total from TVG, wagers handled through Oregon hubs jumped 19.7% for the third quarter of 2007, according to data released by the state's racing commission.
International Racing Group has contested a decision by the Oregon Racing Commission to suspend its state operating license, and will continue to conduct business through its hub pending an administrative law hearing.
Youbet.com reported a decline in overall handle and increase in total revenue for the third quarter of 2007, but a related earnings conference call with analysts Nov. 7 was punctuated by discussion of the federal investigation involving the company's off-shore entity, International Racing Group.
International Racing Group and parent company Youbet.com are facing a Nov. 12 deadline in regards to IRG's license to operate a wagering hub in Oregon, and basically have two avenues to pursue for continued operation there.
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.
The Oregon Racing Commission has notified International Racing Group that it intends to suspend its state operating license as an advance deposit wagering company, but parent company Youbet.com says it is working to prevent such an event.
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.
TrackNet Media Group is confident it will execute a contract to carry the Breeders' Cup World Championships signal, an executive with the content management company said Oct. 16.
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.
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.
Youbet.com has announced a stock offering of 6.2 million shares in an effort to pay off debt assumed when the company acquired United Tote earlier this year.
On the heels of increased revenue growth from International Racing Group, Youbet.com reported a record second-quarter net income of $2.2 million for the period that ended June 30. The figure is up from $1.3 million in the second quarter of 2005.
Youbet.com handled $4.2 million Preakness Stakes (gr. I) day to top last year's same day handle by 18.5%. The May 20 figure is the second-highest in the history of the account wagering service.
Youbet.com, the online wagering company with headquarters in Southern California, handled $5.6 million Kentucky Derby day, May 6, an increase of 34% from 2005 and the highest one-day amount in the history of the company.
Youbet.com reported net income of $1.5 million, or 4 cents per diluted share, for the fourth quarter that ended Dec. 31, 2005.
Woodbine Entertainment Group has reiterated its views on non-racetrack rebate shops by denying International Racing Group access to Woodbine-hosted pools.
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.
Offshore wagering services issued statements Sept. 13 expressing unhappiness with the way rebate shops were portrayed in a report that led to dismissal of charges against the New York Racing Association.
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 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.
Youbet.com, which recently topped the $1-billion mark in handle, announced Feb. 8 it has a letter of intent to acquire International Racing Group, the Curacao-based account wagering company named but not charged in an 88-count federal indictment that alleged illegal gambling.
The New York Racing Association announced Tuesday that it is terminating its simulcast agreements with the four active wagering sites named in an 88-count indictment from the U.S. Attorney's Office for the Southern District of New York and that it will soon begin post-race testing for "milkshaking."
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