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Games - Wednesday, November 11, 2009

Horse-Racing's YouBet Bought by Churchill Downs for $126.8M

Burbank-based Youbet.com, an online site focused on horse racing wagering and content, has been acquired by Churchill Downs for $126.8M. Churchill Downs is world-famous for its ownership of the Kentucky Derby, and they run other thoroughbred racing events. Churchill Downs said late Wednesday it would pay 0.0598 shares of its common stock, plus $0.97 in cash for each share of YouBet common stock.

Youbet.com (NASDAQ: UBET) is a US domestic online horse racing and horse betting site, and is the exclusive provider of live horse racing footage and racing results to ESPN.com and CBSSports.com. Youbet’s website enables customers to wager on horse races at over 150 racetracks worldwide.

Youbet offers members real-time wagering, co-mingled track pools, conditional wagering capabilities, live audio/video, up-to-the-minute track information, mobile wagering, race replay library, simultaneous X2 Video multi-race viewing capability and player analysis tools.

YouBet reported $70.8M in revenue through the first nine months of 2009. However, the firms fortune have seen a steep decline. Youbet.com posted third quarter net income of $878K or $0.02 per share, compared to $2.7M or $0.06 per share in the year-ago quarter.

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