Tough week for youbet

[Cannon Shell]

http://www.thoroughbredtimes.com/nat...oubet.com.aspx


First AZ wants to jail them, now this...

[BillW]

You'd think they'd get a license gratis for dumping $15 mil/yr into the pools.

[Ronnie]

I'll have to look later, but I didn't think we've been able to bet Colonial Downs for awhile on Youbet.

[docicu3]

Colonial Downs was a youbet option for the entire 2007 meet


......my apologies Travis my memory mispoke as I have my records listing YOUBET where it should list MAGNA. Never trust a losing memory....

[Travis Stone]

I was never able to bet Colonial Downs on YouBet.com.

[Rudeboyelvis]

I don't recall being able to bet Colonial on Youbet, but wasn't exactly seeking the place out either...

[tanner12oz]

i use to watch there stock day 2 day....i checked it a few weeks ago and it blows. the company and the industry as a whole seem to be in a downward spiral

[ALostTexan]

Originally Posted by BillW

You'd think they'd get a license gratis for dumping $15 mil/yr into the pools.

Unbelieveable. You would think that the $15,000,000 would mean something to them.

Why is it that people are forgetting that the bettors are the ones that eventually lose in this deal, and that racing in general is fast behind that???

[Stall Mucker]

Originally Posted by tanner12oz

i use to watch there stock day 2 day....i checked it a few weeks ago and it blows. the company and the industry as a whole seem to be in a downward spiral

With all the posturing going on ie; Tracknet Media, Churchill Downs, HRTV etc. one would wonder what/who will still be in the racing business in a year. Where am I gonna race without all these fires burning?

[ALostTexan]

And it just keeps getting worse for Youbet. Bloodhorse Article Today.

Immigration and Customs Enforcement? Who knows where this could lead...

Originally Posted by ALostTexan

And it just keeps getting worse for Youbet. Bloodhorse Article Today.

Immigration and Customs Enforcement? Who knows where this could lead...

Looks like a dummy account was being used by an offshore racebook.

[MisterB]

To Bad

[deltagulf]

Originally Posted by Pillow Pants

Looks like a dummy account was being used by an offshore racebook.

another blow for the good guys.

[ceejay]

http://www.thoroughbredtimes.com/nat...oubet.com.aspx

It gets worse for youbet

Breeders’ Cup wagering unlikely for Youbet.com
by Frank Angst

A consultant negotiating simulcast deals for this year’s Breeders’ Cup World Championships said it is unlikely advance-deposit wagering outlet Youbet.com will carry this year’s event.

Ken Kirchner, a simulcasting consultant for Breeders’ Cup Ltd., said agreements have either been reached or will be reached with most of the major advance-deposit wagering outlets in North America, with the exception of Youbet.com. Kirchner said “several issues,” make it unlikely that an agreement will be reached with Youbet.com.
...
Last year Youbet.com handled $4,014,753 in Breeders’ Cup wagering

$4MM of lost handle is not chicken feed!

[Swale84]

The racing industry just doesn't get it. Once again it is those of us who bet horse racing off track that get penalized. Having to maintain two or more AWD accounts in order to wager on races at major tracks is ridiculous.

Race tracks try to attract new fans, but at the same time work exceedingly hard to turn off existing ones

[-BT-]

Youbet.com (UBET) disclosed Tuesday it provided betting records of certain o
its customers to U.S. Immigration and Customs Enforcement special agents.
The company, which allows members to watch and bet on horse races online,
said it received a search warrant for the records at its Woodland Hills,
Calif., headquarters on Thursday.
Neither Youbet.com nor any of its employees are targets of the investigation
and the company hasn't been accused of any wrongdoing, according to a company
statement provided to Dow Jones Newswires.
Youbet.com didn't disclose the names of the individuals targeted by the
investigation, nor did the company disclose the matters being investigated.
The investigation is being run by the U.S. Attorney's Office in Las Vegas,
the company said.


Oregon Review Led to D.C. Online Ban

By John Scheinman
Special to The Washington Post
Friday, October 5, 2007; Page E06

Horse racing fans in the District whose Internet advanced deposit wagering accounts were shut off last week can thank the racing commission in Oregon.

Commission officials recently reviewed state criminal codes and discovered it is illegal to accept or place bets on horse races within the District. As the regulator of a multi-jurisdictional "hub" for interstate horse racing bets made online, the commission advised advanced deposit wagering companies (ADWs) they were at risk of breaking the law.


"At the time the ADWs applied for their licenses in the past, they were not aware the criminal code said they can't take parimutuel bets in Washington, D.C.," said Randy Evers, the new executive director of the Oregon Racing Commission. "We contacted the attorneys for the ADWs that were taking bets in Washington, D.C., and agreed they should not take bets from there."

Washington horseplayers found themselves unable to place bets via the Internet on Sept. 26 through at least two major ADW companies, Youbet.com and America Tab.

"Last week, I was betting Belmont [Park], and I wasn't betting much," said Mike Soper, 56, a restaurant chef who lives near Dupont Circle. "I'm betting early in the card, maybe the third or fourth race, and when I got back on for the ninth I couldn't bet. In the middle of the day, they decided this was illegal and they couldn't take bets."

The District criminal code states that it is unlawful to "place a bet or wager, accept a bet or wager, gamble or make books or pools on the result of any athletic contest." The code lists "trotting or running race of horses" among regulated events.

Youbet.com President Charles Champion was not available for comment. A spokesman for the publicly traded company wrote in an e-mail that, "The District . . . is a comparatively small market for Youbet in terms of handle and revenue, [and] was the only jurisdiction affected by [the commission] review."

The spokesman declined to reveal the number of accounts held by District residents, or the amount of money they wagered. Results released in June by the Oregon Racing Commission showed the five advanced account wagering operators conducting business through that state handled $268.2 million dollars in the first quarter of the year.

Regulation of online wagering on horse racing is a murky field. While the federal Wire Act expressly prevents the use of a "wire communication" for the purpose of interstate wagering, Congress amended the Interstate Horseracing Act seven years ago to permit it despite opposition from the Justice Department.

Oregon became the default hub for bets placed online when it passed laws favorable to the hosting of multi-jurisdictional wagering nearly 10 years ago.

On Sept. 19, Arizona made it illegal for residents to bet on horse racing anywhere outside of a state racetrack or off-track betting site. Youbet.com and other ADWs closed their Arizona accounts. According to a story in the industry magazine the Blood-Horse, Youbet.com sent e-mails to its Arizona customers calling the new law "clearly unlawful, unconstitutional and protectionist."

Youbet.com faces a lawsuit by Colonial Downs in New Kent County, Va., and state horsemen for operating in the state and taking wagers on Colonial races without a license.

[Riot]

Yowser ... Blood-Horse today:

"Youbet Reveals Seizure of IRG Funds"

"Youbet.com disclosed Oct. 12 that the federal government has seized $1.5 million in funds from three Nevada bank accounts affiliated with the company's off-shore entity, IRG."

[geeker2]

Originally Posted by Riot

Yowser ... Blood-Horse today:

"Youbet Reveals Seizure of IRG Funds"

"Youbet.com disclosed Oct. 12 that the federal government has seized $1.5 million in funds from three Nevada bank accounts affiliated with the company's off-shore entity, IRG."

Thank God I only have 65 cents left in my account....

[Slewbopper]

it seems that Shrub and his cronies are on some sort of crusade to rid the US of off-shore gambling. Their first step was to include it under Homeland Security. They shut down Pinnacle for US gamblers. Now it seems that Youbet has off-shore ties, so they are going after them.

I wonder how much money the present administration has managed to channel into off-shore accounts in the last 7 years?

[Riot]

Youbet unlikely to carry Breeders Cup

http://news.bloodhorse.com//viewstory.asp?id=41354