Youbet.com Names New CFO
U.S.-based Youbet.com this week introduced Gary W. Sproule as its new CFO. Sproule joined the company in May 2002 as CFO and served as COO from May 2004 to present. Prior to joining Youbet.com, he served as CFO at Disney Interactive, where he had worldwide finance responsibilities including strategic planning, controllership, operations, administration and information technology. Current Youbet.com CEO Chuck Champion will assume the responsibilities of the COO position.
Bet Peru Launches Web Site
Thirteen months after forming with the goal of bringing top-tier simulcasting racing to Peru, Bet Peru has announced the launch of its interactive betting site. Based in Lima, the site offers betting on racing from the United States and other parts of the world. The company is also the exclusive distributor in Peru of all proprietary technologies of Charlson Broadcast Technologies and Magna Entertainment Corporation for offering commingled wagering into the betting pools of the majority of tracks in the United States.
Nevada Considers Interstate Betting
A new proposal within the Nevada Gaming Commission could pave the way for interstate betting on horseracing in the state. The provisions of proposed Regulation 26C would allow bettors to set up credit accounts--accessible via telephone from states where race wagering is permitted--at
the sports books of Nevada casinos. Industry experts say the change would put Nevada on equal footing with 17 other states that already permit some form of account wagering. Existing regulations already allow off-track wagering on out-of-state races. The new regulation and a series of amendments to existing race and sports book rules were presented to members of the state Gaming Control Board for the first time in July. The board will meet again in late August.
BHB Faces Hefty Legal Fees
The British Horseracing Board got a final bit of bad news pertaining to its multi-year court battle with bookmaker William Hill over the use of BHB data. William Hill won the case after years of appeals, and the court has ordered the board to pay a portion of the bookmaker's legal fees. A process of assessment was concluded this week, putting the figure at £485,000, and that's in addition to the £520,000 the board says it has shelled out for its own legal fees.
Turning the Page
Northeast England's oldest bookmaker, Reuben Page, has changed its name to Pagebet and will emphasize horse racing in its re-branding efforts. The company also said it will be the main sponsor of the £60,000 Pagebet Rehearsal Chase, which will be televised on Channel 4 and should be one of the best jump cards of the fall. Pagebet is expected to have annual turnover this year of £60 million, making it a top 10 British bookmaker.
Horse Cloning Site Goes Live
The operators of a new Web site called HorseCloning.com are hoping that breeders will "embrace the horse cloning revolution." The site was launched this month, and the company's president, Peter Kagel, said a typical business structure for cloned horses could mean much more revenue than a traditional stud fee or breeding fee. "It is projected that the number of clones produced could be as high as 16 based on the scientific advancements achieved since the cloning in 2003 of three mules by the same distinguished University of Idaho team that will do this cloning," Kagel said. He added that by charging a royalty fee based on future success, breeders can make more money than traditional means of breeding. He also said that current rules banning "artificially inseminated and cloned racehorses" from races are being challenged in the courts via antitrust cases that could be resolved within a year.
XpressBet, Ohio Horsemen Come to Terms
The Ohio Horsemen's Benevolent and Protective Association have reached an agreement with Magna Entertainment Corp.'s account wagering unit, XpressBet, concerning Ohio tracks' simulcast signals. The deal calls for XpressBet to expand the primary source market fee area from 25 miles from a track to 50 miles, and its intention is to move more of XpressBet's account holders into the geographic area where a higher source market fee will be attained for Ohio tracks' purses. The increase involves only thoroughbred wagers, and XpressBet will continue to pay normal host fees to host tracks in Ohio. The Ohio HBPA also reached an agreement with Television Games Network for all three of its signals and an agreement with Youbet.com Inc. regarding Thistledown's signal.
Emerald Downs Commingles in Canada
Emerald Downs last week became the first thoroughbred track in the United States to conduct foreign common pool pari-mutuel wagering from a Canadian wagering facility, as patrons at Hastings Park in Vancouver, British Columbia, began betting directly in pools at the Auburn, Washington, track. Emerald Downs officials hope the Canadian wagering will help the track continue its recent upward gains in handle. Financial growth has been a key issue over the years for the track, which has struggled with cash-flow problems as Indian casinos have flourished in the state. Canadians have been wagering into the pools at harness tracks Northfield Park in Ohio and Balmoral Park and Maywood Park in Illinois since early July. Most of Canada is set to begin wagering into the pools at Arlington Park in suburban Chicago this week.