YouBet finally YouBust? - Horse Racing Forum - PaceAdvantage.Com

so.cal.fan · 08-15-2002, 02:15 PM

http://news.bloodhorse.com/viewstory.asp?id=10958

Dave Schwartz · 08-15-2002, 03:52 PM

And, of course, the unfortunate thing is that now many people will stop using it and pull their money out making things even worse.

Dave

JimG · 08-15-2002, 04:03 PM

What is sad about this is YouBet is easily the best service to use, in my opinion, if you live in a state that allows you to have a Call-a-bet account and a Total Access account.

With those accounts, you have access to betting a watching just about every track in the USA. With cable modem, the video is excellent. The betting interface is easy to use. And, finally, you can link your account with your checking account which makes transferring money in and out a snap.

YouBet wasn't always this good. I've been a customer since almost the beginning. They have learned from past mistakes and finally are catering to the horseplayer.

No, I do not work for YouBet nor do I have stock in the company. I am just a customer who is sad to see the best (non-rebate) internet service have serious financial difficulties which could lead to its demise.

Jim

so.cal.fan · 08-15-2002, 06:05 PM

It is sad for the customers, because you had to fear the big guns like TVG would drive out a "little guy", happens all the time.
They were the first people to take a great idea and run with it, spending all the funds to perfect it.............

PaceAdvantage · 08-15-2002, 06:57 PM

JimG,

I echo your sentiments exactly. A fantastic product, that I will support until the bitter end....

I would have to think that someone out there would be interested in saving this company.....

==PA

freeneasy · 08-15-2002, 08:45 PM

hope so PA cause Ive been hearing all the good things thats just been said about them and was ready to sign up with them

andicap · 08-15-2002, 08:58 PM

Quote:

Originally posted by so.cal.fan
It is sad for the customers, because you had to fear the big guns like TVG would drive out a "little guy", happens all the time.
They were the first people to take a great idea and run with it, spending all the funds to perfect it.............

Huh?? Big guns like TVG?? You must be kidding.
This company is going under fast, losing millions as part of the Gemstar debacle. All they have is the technology and now their patents are probably suspect as well. They have very few cable affiliates, are losing millions and will probably be sold to.......(Magna???).
This is really bad news. TVG was the best thing that happened to racing, but was mismanaged. I mean $20 a month -- or 25 cents a wager -- is a lot better than the $90 or whatever that Magna wants to charge people to watch racing on TV. They don't get it. Racing lost out largely because it pulled out of the TV market in the '60s as sports like the NFL entered it big-time.
Magna will restrict access to racing -- betting -- on TV.
I hate TVG's fees, but the company does need to make a living and I don't think the casual fan will necessarily be turned off by paying 25 cents a wager.

Racing fans who rooted against TVG were right to suspect Henry Yuen -- turned out he built his company, like so many other CEOS did, on a house of straw -- but the product was a decent one for the sport.

Now what are we left with?

rrbauer · 08-16-2002, 08:36 AM

I don't wish anyone bad luck. But, if you have any financial exposure with this company, consider:

It took me 13 days to get a $300 withdrawal processed from my YouBet account and into my bank account at the end of July. I think that they're squeezing the "float" lemon for all it's worth.

Their stock has been removed from the regular Nasdaq board.

They would need to quadruple their handle just to break even.

so.cal.fan · 08-16-2002, 10:28 AM

andicap:
I stand corrected! I didn't realize that TVG was not ALREADY controlled by Magna or Churchill or both.
Now I understand. They will be taken over as well.
Magna will try to control the whole enchillada.
Again, if there is big bucks in it, the little companies will be forced out, and of course WE WILL PAY. DAMN IT!!!!!!

GR1@HTR · 08-16-2002, 11:11 AM

I made a W/D at the begining of the DMR meet and had it processed within 3 days via CashExpress. Just made another W/D today and will report back how long it takes.

ceejay · 08-16-2002, 11:18 AM

I just drew my account to $10 yesterday.

IMO, horseplayers can handle racing risk but not credit risk. Despite UBET's pronouncment that the buisness is "on solid footing," I think that they need to get some third-party to insure balances on deposit.

andicap · 08-17-2002, 12:48 AM

Yeah, didn't Enron, WorldCom and Adelphia say their businesses were on "sound footing" as well?

Tom · 08-17-2002, 11:20 AM

Am I off base, but aren't the Ubet accounts (our money) not a U Bet asset and that even if they go broke, that money is not part of their losses?
If that is not htat case, I will have to abandon them even though I don't want to. I have lost enough money this year by so-called experts.
BTW, has anyone pointed out to UBet that if they don't charge money for thier service, they don't have income?
Like the old joke, they lose money on every bet, but make up for it in volume.

Figman · 08-17-2002, 11:35 AM

TVG is tired of waiting for NY. Witness what is now happening. NYRA is at Saratoga. The Capital OTB corporations shows "in-home" all NYRA racing, except Saratoga, and does this year around as does the NYC OTB corporation. The separate OTB corporation in the Albany-Saratoga area has a "gentleman's agreement" with NYRA not to show the live races in-home during the live Saratoga meeting. There is no prohibition in NYS by statute or rule.

Along comes Fox Sports-NY that is on all Albany-Saratoga area cable systems. Starting last Saturday, Fox Sports-NY has races 5 through 9 televised in-home in the Saratoga area.

Now to the Internet. Click on Foxsports.com and a choice is horse racing. Click on horseracing and where do you go....why right to the TVG website asking you to open an account!

I believe TVG has a similar arrangement in So. California and is moving into cable TV countrywide and soon. To me, this is great!
But I am not going to pay TVG to wager with TVG. I'll wager with whatever account wagering provider offers me the best deal and simply watch the live televised races in-home on my Fox Sports channel.

andicap · 08-17-2002, 11:48 AM

The problem with NY is the OTB-NYRA wars. NYRA needs OTB's OK before delivering TVG's signal. NYRA hoped to buy NY OTB last year but Magna outbid them. Now the new NYC administration has killed the deal pretty much so the sale of OTB is in limbo -- so TVG is out of luck in NY