Youbet.com Sets Record for Preakness Race Day Handle
biz.yahoo.com
Tuesday May 23, 4:50 pm ET
Tops 2005 Record Mark by 18.5%
WOODLAND HILLS, Calif.--(BUSINESS WIRE)--May 23, 2006--Youbet.com, Inc. (NASDAQ:UBET) announced today that the company processed $4.2 million in wagers last Saturday, the day that Bernardini raced to victory in the 131st Preakness Stakes at Pimlico. The total topped last year's record handle for the same race day by 18.5%, making it the second largest race day total - behind this year's Kentucky Derby - in the online wagering company's history.
Of the total that Youbet customers wagered on race day, $2.0 million went to the race card at Pimlico Race Course, a 7.6% increase over 2005 even as Pimlico's handle from all sources on race day declined by 3.8% from the previous year. Youbet users wagered nearly $1.0 million on the Preakness itself. More than 97% of Youbet's wagers on Saturday came from customers who live more than 25 miles from Pimlico.
International Racing Group (IRG), Youbet.com's telephone wagering company, also had a robust race day as it handled $3.3 million in wagers, up 239%(1) from 2005. IRG contributed $1.3 million to the Pimlico pari-mutuel pool on Saturday.
"Youbet's performance the day of the Preakness demonstrates again that online broadcasting of and wagering on live horse racing continues to grow in appeal," said CEO Charles F. Champion. "Our network puts fans in touch with the totality of our sport - from handicapping to wagering, live viewing and replays. For our customers, Youbet is the next best thing to being at the track.
"For tracks and horsemen, our network is a marketing conduit to a growing number of bettors," Champion said. "Wagering customers respond to online promotions of our racing content and a large number of people who visit our educational website are converting their casual interest in the sport into a betting interest."
Youbet signed on 2,150 new customers in the five days leading up to the 2006 Preakness, 34% of whom converted from Youbet.net, the company's play-for-points web site launched this Spring. Deposits to Youbet advanced wagering accounts on race day were $1.25 million, 2% higher than the total from the same day in 2005. The company served nearly one-third more concurrent users for this year's Preakness. |
