Youbet's KingContest.com launches handicapping challenge

WOODLAND HILLS, California -- (PRESS RELEASE)--Youbet.com, Inc. (NASDAQ:UBET) announced today that it is offering its subscribers a chance to win a contest that pays $1.0 million to handicappers that can pick superfectas for both the Oaks and the Kentucky Derby this weekend. Contestants can play the game for $10 per entry and enter as often as they want.

"In yet another example of how Youbet can bring excitement to the sport even in these illogical times, we've devised a game that could pay a million dollars for a $10 entry," said Youbet CEO Charles F. Champion. "So, despite an impasse over an agreement to carry the races, KingContest.com will give Youbet players exciting competition this weekend anyway."

The "Million Dollar Oaks-Derby Handicapping Challenge" is open only to Youbet customers and is just one contest that is being staged by KingContest.com this week. Players who are not Youbet members can sign up for a 60-day free trial at either the Youbet or KingContest websites so that they can compete in the Challenge.

The million dollar weekend contest will be advertised across a broad footprint of online and print sports media. The company also plans to promote the contest in the Louisville area. Additional details can be found at www.kingcontest.com.

"A portion of the promotion budget we had in place for the Derby will be diverted to the contest," Champion said. "The Derby is arguably the most important fan development day in horse racing. Last year, a significant portion of the handle for the race was generated by fans that rely on Youbet, IRG and TVG for their racing content. Unfortunately, those channels will be closed to fans this year. But thanks to KingContest, our customers can still have fun, test their handicapping skills, and chase after a big prize."

Youbet Express will be carrying the next two legs of the Triple Crown, the Preakness on May 19 and the Belmont Stakes on June 9.

The company has been denied access to the Kentucky Derby simulcast because it would not agree to a contract with TrackNet, the Magna-Churchill media joint venture that required it to stop carrying signals from other popular tracks for the rest of the year in order to get the Derby.

"We hate not having the Derby," Champion said, "but we didn't think our customers would want us to cancel our summer and fall line-up of races from Aqueduct, Belmont, Saratoga, Del Mar, Oak Tree, Keeneland and many others ... just to get one race."