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11/12/09 - Kentucky's major horseracing group, Churchill Downs Inc., has signed a $127 million agreement to purchase the Burbank, California-based online betting site Youbet.com.
 
Along with its  existing online betting site Twin Spires.com, the deal reportedly gives Churchill Downs almost half of the $14 billion horseracing market in the United States.
 
Online betting, made possible in US horseracing by controversial carve-outs in federal legislation, appears to feature high on Churchill's program, with chief exec Bob Evans saying he expects wagering to increase in future. Last year, about 10 percent of the $14 billion bet on horse racing in the U.S. was online.
 
The Youbet acquisition will be paid for by both cash and stock, with shareholders in the online company getting 97 cents a share in cash for each Youbet.com share, plus 0.0598 shares of Churchill stock. Based on Churchill's closing stock price of $31.57 on Wednesday, that gives a value of about $2.86 a share, or a premium of 19 percent.
 
Once the deal closes, Youbet shareholders will own 16 percent of Churchill stock.
 
Evans plans to maintain Youbet.com as an independent company, commanding around 30 percent of the total online market for betting on horse races, according to the Oregon Racing Commission. TwinSpires has about 21 percent.
 
The newly merged company's biggest competitor will be Betfair's TVG, which also has about 30 percent of the market.
 
There are some negatives in the Youbet package, principally the company's ownership of United Tote, which last year lost $11.2 million and owed $18 million in 2007, according to regulatory filings. And Youbet itself has lost money for the last three years, ending 2008 down $4.5 million.



Gambling News :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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