Youbet.com has received $36.7 million in new financing through U.S. Bancorp Libra, a division of U.S. Investments, which raised the funds through a private placement of 11 percent, five-year convertible notes with a group of institutional investors.
The funds have been allocated to the continuing global roll out of the company's interactive online network. In the U.S., the Youbet.com network enables subscribers to watch and wager on coast-to-coast horseracing via its exclusive closed-loop network. The company also plans to facilitate all forms of live event sports wagering overseas.
"This important financing, not only strengthens our balance sheet, but equally as important, it
empowers us to execute an extensive domestic marketing plan which should dramatically enhance the company's subscriber base," Youbet.com Chairman and CEO Robert M. Fell said. "On a global front, the monies fuel our expansion of the Youbet.com network in the overseas market."
Fell said the financing will also help the company in satisfying requirements for listing on the Nasdaq National Market, although approval can't be assured at this point.