Youbet sets another Triple Crown record

WOODLAND HILLS, California -- (PRESS RELEASE) -- Youbet.com, Inc. (NASDAQ:UBET) said today that the company handled a record $4.3 million in online wagers on the day that filly Rags to Riches raced to victory in this year's Belmont Stakes. The total represented a 12.1% increase over the same race day in 2006. Youbet's handle for the Belmont race card on Saturday rose 13.1%, to $2.4 million, over the previous year.

Youbet CEO Charles F. Champion asserted that the day was a winner on several fronts. "We set another record for handle and our market share improved by 20%," he said. "The results reinforce Youbet's contention that the broadest possible distribution of horse racing products is a winner for the industry.

"The reach of advance deposit wagering companies for the Triple Crown and Breeders Cup clearly has a positive impact on the financial success of these year-making events for many horsemen ... and for the sport as a whole," he asserted. "It's unfortunate that Youbet and others were denied access to the Kentucky Derby because the cumulative effect would have been much greater for the industry as a whole.

"Online pari-mutuel betting is growing because it is the one instance where racing is actually meeting and satisfying the needs of today's internet oriented customers," Champion said. "That said, our sport ought to be looking at a distribution model like cable TV where every distributor has access to content if they are willing to pay a fair price.

"I think Youbet has proven in record-breaking year after record-breaking year that we know how to find and keep new fans, that we add substantially to pari-mutuel pools, and that we have technical and marketing expertise that the industry can and should embrace to help bring racing back to prominence in this country," he said.

Champion lauded Todd Pletcher's win at the Belmont. "Todd brings such incredible optimism to the sport and we are proud to be associated with him."