Belmont Stakes Handle Up 32% at Youbet; Customers Wager Record $1.4 Million on Race Day Card; Sign Ups Rise 185%.Entertainment Editors/Business Editors WOODLAND HILLS, Calif.--(BUSINESS WIRE)--June 10, 2004 Youbet.com, Inc. (Nasdaq:UBET), the leading online live event and wagering company, said today that its customers wagered a record $1.4 million on the race card featuring the 2004 Belmont Stakes Belmont Stakes Oldest of the three U.S. horse races that constitute the Triple Crown. The Belmont originated in 1867 and is named after August Belmont (see Belmont family). The stakes is held in early June at Belmont Park, near Garden City, Long Island; the course is 1.5 mi (2,400 m). . The total was 32% higher than the amount wagered on last year's Belmont Park Noun 1. Belmont Park - a racetrack for thoroughbred racing in Elmont on Long Island; site of the Belmont Stakes Belmont Elmont - a town on Long Island in New York; site of Belmont Park card, setting a new race day record. The company also reported that it was able to serve a record number of concurrent users on Belmont race day. The site experienced a dramatic 43% increase in concurrent customer utilization at peak periods on the afternoon of the race. The heavy utilization was spurred in part by a 185% increase in service sign-ups on race day. Sign ups jumped to 1,840 this year from 645 in 2003. In addition, the number of Youbet customers who wagered on the Belmont card this year was 25% higher than in 2003. Youbet's handle for all tracks on its network rose 18% from the total wagered on the same day in 2003. "There is no question that the public infatuation with Smarty An earlier device marketed by Fischer International Systems Corporation, Naples, FL (www.fisc.com) that used a standard 3.5" floppy drive to read smart cards. The smart card was inserted into Smarty, which resembled a floppy disk. Jones' quest for Verb 1. quest for - go in search of or hunt for; "pursue a hobby" quest after, go after, pursue look for, search, seek - try to locate or discover, or try to establish the existence of; "The police are searching for clues"; "They are searching for the the Triple Crown this year added substantially to our performance," said Youbet CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Charles F. Champion. "The three-race series produced another tremendous spike in new demand for the online racing experience that Youbet provides. "We think the user-friendliness of our site, the depth of our content offerings and the marketing skills we've developed over the last two years will help us convert many first-time users into year-round racing -- and wagering -- enthusiasts," Champion said. Youbet.com is the largest Internet provider Internet provider - Internet Service Provider of thoroughbred, quarter horse and harness horse racing horse racing, trials of speed involving two or more horses. It includes races among harnessed horses with one of two particular gaits, among saddled Thoroughbreds (or, less frequently, quarterhorses) on a flat track, or among saddled horses over a turf course with content in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , as measured by handle data published by the Oregon Racing Commission. Members have the ability to watch and, in most states, the ability to wager on the widest variety of horse racing content available via Youbet.com's website. Youbet.com members enjoy features that include commingled track pools, live audio/video, up-to-the-minute track information, real-time wagering information, phone wagering and value-added handicapping products. Youbet.com is an official online wagering platform of Churchill Downs Incorporated Churchill Downs Incorporated (NASDAQ: CHDN) is the parent company of Churchill Downs. The company owns several other thoroughbred and standardbred racetracks. History and the Kentucky Derby Kentucky Derby One of the classic U.S. Thoroughbred horse races. It was established in 1875 and run annually on the first Saturday in May at Churchill Downs track in Louisville, Ky. With the Preakness and the Belmont Stakes, it makes up U.S. racing's coveted Triple Crown. . Youbet.com operates TotalAccess(SM), an Oregon-based hub for the acceptance and placement of wagers. More information on Youbet.com can be found at www.Youbet.com. Forward-Looking Statements This press release contains certain forward-looking statements. Statements containing expressions such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," potential," "continue" or "pursue," or the negative or other variations thereof or comparable terminology used in Youbet's press releases and in its reports filed with the Securities and Exchange Commission are intended to identify forward-looking statements. These forward-looking statements, which are included in accordance with the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, may involve known and unknown risks, uncertainties and other factors that may cause Youbet's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although Youbet believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission. Such factors include, without limitation, the following: the timely development and market acceptance of new products and technologies; our ability to secure financing on terms acceptable to us; our ability to control operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ; increased competition in the advance deposit wagering business; a decline in the public acceptance of wagering; wagering ceasing to be approved in jurisdictions where Youbet currently operates; the limitation, conditioning or suspension of any of Youbet's licenses; increases in or new taxes imposed on wagering revenues; loss or retirement of key executives; and a decline in the general economy. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. Youbet does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. |
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