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Youbet.,com news

Discussion in 'Casino Industry Discussion' started by mary, Nov 19, 2002.

    Nov 19, 2002
  1. mary

    mary Dormant account

    Youbet.com To Begin Charging Subscription Fees
    Tuesday November 5, 9:27 am ET


    LOS ANGELES -(Dow Jones)- Youbet.com Inc. (NasdaqSC:UBET - News) will begin charging subscription fees to some of its customers beginning Dec. 1.
    ADVERTISEMENT


    In a press release Tuesday, the interactive online horseracing network said a recent study indicated a number of customers use Youbet for information and audiovisual services without placing significant wagers through the service. The company will begin charging these users a subscription fee.

    "The introduction of subscription fees is an appropriate means to address the expenses we incur when customers use our facilities for information and audio/ video access, but place their wagers through other, often unlicensed channels," Chief Executive Chuck Champion said in the release.

    Youbet.com said its "best" customers will continue to receive its content and services for free but wasn't immediately available to define those customers.

    The company notified members last week of the upcoming subscription plans.

    Users who don't use the network from wagering may choose from unlimited access at $14.95 a month, or a limited plan for $7.95 a month, which includes 10 hours of audio/video. Discounts are provided based on wagering activity, and fees are waived for high-end users.

    The company's shares closed Monday at 61 cents, up 1 cent, or 1.7%, on Nasdaq volume of 1,000 shares. Average daily volume is 36,448 shares.

    Company Web site: You must register/login in order to see the link.

    -Jenny Park; Dow Jones Newswires; 201-938-5388





    Press Release Source: Youbet.com, Inc.


    Youbet.com Announces Players Trust
    Thursday November 14, 8:08 am ET
    Regulators and Banks Applaud Innovation


    LOS ANGELES--(BUSINESS WIRE)--Nov. 14, 2002--Youbet.com, Inc. (Nasdaq: UBET - News), the leading online live event and wagering company, today announced the formation of the Players Trust(TM), a secure, third party trust account controlled and managed by Comerica Bank, one of the nation's 20 largest banking companies. Youbet.com created the Players Trust(TM) after observing growing consumer and industry concern about the vulnerability of customer funds on some online wagering sites. This unique trust was established and fully funded in early November and it is already providing Youbet customers with the highest possible level of protection for their wagering accounts.
    ADVERTISEMENT


    "To the best of our knowledge, this is a gaming industry first and we're proud to offer it free to our customers," commented Chuck Champion, Chief Executive Officer of Youbet.com. "The Players Trust(TM) meets the toughest security criteria of federal and state regulators by guaranteeing the safety of customer funds. The Players Trust(TM) reassures the customer that their online accounts at Youbet.com are segregated, secure and insulated from outside claims."

    "While Youbet.com has never co-mingled customer funds with other company bank accounts, there is currently no regulation against that practice," noted Gary W. Sproule, Chief Financial Officer of Youbet.com. Youbet's customer wagering accounts are fully reserved in the Players Trust(TM) solely for customer benefit. Customers may continue to be concerned over how their deposits are protected elsewhere, but not at Youbet.

    "I am very happy to see that the industry, and particularly Youbet, is taking steps to give the consumer additional confidence in the pari-mutuel system. It is encouraging to see Youbet, a California based company, take a leadership role in going beyond the legally required safeguards," said Roger H. Licht, Vice Chairman of the California Horse Racing Board.

    "This is the first time we've been approached with such a creative application using a trust, and we applaud Youbet for its forward-thinking when it comes to customer protection," noted Robert Bergman, Vice President and Business Development Officer of Comerica Bank. "This approach gives Youbet's customers the unprecedented security of a trust account."

    To be added to Youbet.com's investor e-mail list, please contact Ivan Roth in Investor Relations at Youbet.com This email is not visible to you..

    About Youbet.com

    To open an account, please visit Youbet.com or call Member Services toll free at 1-888-YOUBET8 (968-2388).

    In the United States, Youbet.com provides network members the ability to watch and, in most states, the ability to wager on a wide selection of coast-to-coast thoroughbred and harness horse races via its exclusive closed-loop network. Members have 24-hour access to the Youbet Network's features including live racing from a choice of over 80 racetracks representing all major racetracks, in the U.S., Canada and Australia such as Mountaineer, Churchill Downs, Hollywood Park, Belmont Park, Delaware Park, Arlington, Pimlico, Oaklawn, Del Mar, Aqueduct, Saratoga, Santa Anita Park, Gulfstream Park and Golden Gate Fields. Other Network features include commingled track pools, live audio/video, up-to-the minute track information, real-time wagering information and value-added handicapping products. Youbet Network customers enjoy live coverage from and wagering accessibility to all major racetracks in 39 states, representing virtually 100% of major horse racing content.

    Youbet.com is a patent and content licensee and maintains a strategic relationship with TVG, an indirect subsidiary of Gemstar-TV Guide International, Inc. (Nasdaq:GMSTE - News) and also maintains a strategic relationship with MEC Pennsylvania Racing, part of Magna Entertainment Corp. (Nasdaq:MIEC - News). Youbet.com is an official online wagering platform of Churchill Downs Incorporated and the Kentucky Derby. Youbet.com operates Youbet.com TotalAccess(TM), an Oregon-based hub for the acceptance and placement of wagers.

    Forward-Looking Statements

    Press releases issued by Youbet.com may contain forward-looking statements, which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expense, and other factors described in the Company's filing with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

    Note: You Bet is a registered trademark of Youbet.com, Inc. All other brands and products referenced herein are the trademarks or registered trademarks of their respective holders.



    --------------------------------------------------------------------------------
    Contact:
    Youbet.com, Inc.
    Michael J. Veitch, 818/668-2100
    Cell: 781/710-7567
    This email is not visible to you.



    --------------------------------------------------------------------------------
    Source: Youbet.com, Inc.

    Press Release Source: Youbet.com, Inc.


    Youbet.com Announces Financial Results for Third Quarter 2002
    Friday November 15, 8:01 am ET
    Reports Third Straight Quarter of Handle and Operating Improvement


    LOS ANGELES--(BUSINESS WIRE)--Nov. 15, 2002--Youbet.com, Inc. (Nasdaq: UBET - News), the leading online live event and wagering company, announced improvement in its financial and operational results for the Company's third quarter ended September 30, 2002.
    ADVERTISEMENT


    Year Over Year Comparisons Improve for Third Straight Quarter

    "We believe these numbers indicate that our business model is proven and our turnaround is in place," commented Chuck Champion, Chief Executive Officer of Youbet.com. Total betting handle increased during the third quarter to a record $46.3 million, up 146% from $18.8 million in the third quarter of 2001. The quarterly numbers were made through a consistent pattern of record breaking weeks, months and major events. Youbet posted record monthly handle in both July and August. That trend has continued through Breeder's Cup and into the fourth quarter.

    Third quarter revenues increased to $8.1 million from $1.1 million in the third quarter of 2001. In accordance with GAAP, the company revenues reflect the gross amount of takeout from the hub and recording the corresponding cost of goods as a sales and marketing expense. Gross margin in the third quarter was $3.0 million compared to $1.1 million a year ago. This increase was due to growth in wagering activity through the Youbet network, improved operations and opening of access to a number of tracks and racing circuits, including California.

    Third quarter total operating expenses increased by $5.3 million, compared to the third quarter 2001. Licensing Fees and Track Fees associated with our record handle for this quarter accounted for $5.2 million of that increase.

    The Company's operating loss of $2.1 million for this quarter was down from a $3.7 million loss in the third quarter a year ago, an improvement of $1.6 million. The loss on earnings before interest, taxes, depreciation and amortization (or EBITDA) for this quarter was $0.7 million compared to a loss of $3.0 million a year ago, an improvement of $2.3 million.

    Sequential Comparisons Favorable

    Sequential comparisons are as follows: Handle in the first quarter of 2001 was $27.1 million, $39.6 million for the second quarter and $46.3 million for this quarter. This represents a 71% growth in handle from the first quarter of this year to the third quarter. EBITDA losses decreased from $1.4 million in the first quarter, to $1.0 million in the second quarter, to $0.7 million in this quarter or a 47.6% improvement in financial performance from the first quarter of this year to the third quarter.

    Conference Call

    Management of Youbet.com hosted a conference call with a simultaneous webcast November 14, 2002 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's third quarter results. The conference call will be available live via the Internet by accessing the Company's web site at You must register/login in order to see the link.. An online replay will be available for 90 days on You must register/login in order to see the link., or a phone replay will be available through March 21, 2003, by dialing 888-266-2081, or 703-925-2533 for international callers, and entering the conference ID 6292060.

    To be added to Youbet.com's investor e-mail list, please contact Ivan Roth in Investor Relations at Youbet.com This email is not visible to you..

    About Youbet.com

    To open an account, please visit You must register/login in order to see the link. or call Member Services toll free at 1-888-YOUBET8 (968-2388).

    In the United States, Youbet.com provides network members the ability to watch and, in most states, the ability to wager on a wide selection of coast-to-coast thoroughbred and harness horse races via its exclusive closed-loop network. Members have 24-hour access to the Youbet Express' features including live racing from a choice of over 80 racetracks representing all major racetracks, in the U.S., Canada and Australia such as Mountaineer, Churchill Downs, Hollywood Park, Belmont Park, Delaware Park, Arlington, Pimlico, Oaklawn, Del Mar, Aqueduct, Saratoga, Santa Anita Park, Gulfstream Park and Golden Gate Fields. Other features include commingled track pools, live audio/video, up-to-the minute track information, real-time wagering information and value-added handicapping products. Youbet Express customers enjoy live coverage from and wagering accessibility to all major racetracks in 39 states, representing virtually 100% of major horse racing content.

    Youbet.com is a patent and content licensee and maintains a strategic relationship with TVG, an indirect subsidiary of Gemstar-TV Guide International, Inc. (Nasdaq NMS: GMSTE - News) and also maintains a strategic relationship with MEC Pennsylvania Racing, part of Magna Entertainment Corp. (Nasdaq NMS: MIEC - News). Youbet.com is an official online wagering platform of Churchill Downs Incorporated and the Kentucky Derby. Youbet.com operates Youbet.com TotalAccess(TM), an Oregon-based hub for the acceptance and placement of wagers.

    Forward-Looking Statements

    Press releases issued by Youbet.com may contain forward-looking statements, which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expense, and other factors described in the Company's filing with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

    Note: You Bet is a registered trademark of Youbet.com, Inc. All other brands and products referenced herein are the trademarks or registered trademarks of their respective holder.



    --------------------------------------------------------------------------------
    Contact:
    Youbet.com, Inc.
    Ivan Roth, 818/668-2100
    Investor Relations
    This email is not visible to you.



    --------------------------------------------------------------------------------
    Source: Youbet.com, Inc.
     

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