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DEPT. OF JUSTICE QUESTIONS ON INTERNET GAMBLING ACQUISITION
1/27/10 - From http://www.recentpoker.com - The US Department of Justice is sticking it inquisitive nose into a $126.8 million agreement by the Kentucky horseracing giant Churchill Downs to buy Internet gambling firm Youbet.com....but it's more about anti-trust precautions than the legality of online horserace betting.
The US horse racing industry benefits substantially by being exempted from federal laws regarding online betting.
This week the horseracing group said that it would cooperate fully with the DoJ regarding the transaction. The DoJ has apparently requested additional information and documentary material in connection with the parties' proposed merger transaction. These actions, commonly referred to as "second requests," have the effect of extending the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended ("HSR Act"), until 30 days after both parties have substantially complied with the requests, subject to any modifications of the requests to which the DOJ may agree.
"CDI and Youbet are in the process of gathering information to respond to the second requests and are working cooperatively with the DOJ as it reviews the merger," a spokesman said.
In November last year (see previous InfoPowa reports) Churchill Downs and Youbet jointly announced agreement on the deal, which will see CDI acquire all of the outstanding shares of Youbet, in a transaction valued at approximately $126.8 million based on the Nov. 10, 2009 closing price of CDI common stock.
CDI, headquartered will substantially increase its Internet betting footprint when the Youbet.com deal is completed. The company is betting that online wagering will keep up a fast pace in an industry that has been sluggish during the recession as gamblers tighten their spending.
CDI owns and operates four thoroughbred racing facilities: Arlington Park in Illinois, Calder Casino and Race Course in Florida, Churchill Downs Race Track in Kentucky and Fair Grounds Race Course & Slots in Louisiana. It also operates slot and gaming operations in Louisiana and Florida.
CDI also owns off-track betting facilities, TwinSpires.com and other advance-deposit wagering channels, television production, telecommunications and racing service companies such as BRIS and a 50-percent interest in the national cable and satellite network, HorseRacing TV, which supports CDI's network of simulcasting and racing operations.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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