YouBet.Com Breaks records with Preakness Bets

Filed in archive Racing on May 24, 2007

Youbet.com, Inc. (NASDAQ:UBET) set a new Preakness race day record for pari-mutuel handle at its wagering website last Saturday with $4.4 million in wagers the day that Curlin narrowly won the second leg of this year's Triple Crown. Of the total, $2.1 million was wagered on races at Pimlico race track. The totals were ahead of last year's records by 6.0% and 7.7% respectively and mark the fourth time that Youbet has reported record handle for the event. This year's records were set even though handle for the Pimlico race card Saturday declined from the previous year.

"This performance ought to draw the industry's attention to the benefit of having the broadest possible distribution for racing content," said Youbet CEO Charles F. Champion. "Particularly on days when the sports world is focused on thoroughbred racing."

"It is becoming increasingly clear that the contribution to purses made by advance deposit wagering sources is vital to the racing industry's future," Champion said. "Time and again, we have proven that our service is expanding the reach of the sport by appealing to an internet-centric audience. And more than just reach, we are bringing new money to the wagering pools that do business with us."

Champion said that the company's handle for the two weeks leading up to the Preakness resumed the growth pace that was momentarily interrupted when TrackNet would not sell Youbet rights to its kentucky derby simulcast. In fact, Youbet's handle for Preakness week was the third highest weekly total in the company's history behind only the weeks of the 2006 Kentucky Derby and the 2006 Breeders Cup.

Youbet served more than 9,100 concurrent users on Preakness race day. It was the sixth busiest online wagering day in the company's history, yet it required only 25% of system capacity to service the volume. Less than two minutes and twenty seconds after Curlin was officially named the winner of the race, Youbet completed all payouts to customers who made winning bets.