YouBet in Dispute with Breeders' Cup

[joeya]

Apparently YouBet still owes wager fees from last year's Breeders' Cup and as of right now they won't be allowed to accept wagers this year. Even if they get this worked out it appears that the high-rollers in their rebate shop will be shut out.

Daily Racing Form Article (http://www.drf.com/news/article/89406.html)

It's been a tough month for YouBet, huh ... lawsuit in Virginia, lawsuit in Arizona, Feds confiscating records and now this.

[NoCal Boy]

At the CHRB meeting in August, I believe Champion stated the amount owing to Breeders Cup for 2006 was around $50,000 and that they would pay it as long as the CHRB determined it was legal to do so. The DRF article indicates Chairman Shapiro of the CHRB is working on a resolution so these issues are still open.

[betovernetcapper]

When the fed's begin taking your money and the BCs saying don't bother maybe it's time for a new game plan.

A few minutes ago You Bet issued the following statement
************************************************** ******
Item 8.01. Other Events

As previously disclosed, the U.S. Attorney's Office in Las Vegas, Nevada, is
investigating whether certain customers of IRG have violated federal or Nevada
State gambling laws and whether employees of IRG were aware of the allegedly
illegal wagering activity.

As part of its investigation, and without prior notice to Youbet or IRG, the
government seized funds in three IRG bank accounts in Nevada, totaling
approximately $1.5 million.

As previously announced, we will cooperate with the government to understand
and, if our inquiry warrants, address any issues allegedly impacting our IRG
business. We are also exploring all avenues to recover the seized funds,
including working cooperatively with the government to resolve legal and factual
questions, and/or filing litigation, if necessary. However, the outcome and
timing of these efforts are uncertain.

It is anticipated that the seizure of these funds will not impair our ability
to pay all amounts due to bettors, tracks and others, nor do we believe it
impacts our ability to conduct business pursuant to our Oregon Racing
Commission license.

******

[Tom]

Did YouLose ever cover the BC?

The reason I asked, is that every year, wtihout fail, they are unable to perform their basic task - show racces and take bets. It's like around 2pm every BC day, the video goes away, the betting hangs up.......

With the BC on TV, who needs their crappy video? A full day of TV racing, and without Matt Caruthers! Wake me up! I must be in heaven! :lol:

You Bet is nice as a last resort, but it would be nice if they lived up thier potential the other 364 days. Frankly, I have not sympathy for YouBet - they are not gettingto cover because thier management did not do thier jobs and get the deal done. That is the bottom line.