Gambling News - 118 Gambling

Youbet.com to Tap Chinese Market.

Youbet.com, the largest provider of web-based horseracing content in the US, has announced its plans to launch a horseracing entertainment website, in the mould of its successful US site, for the Chinese mainland. The company is seeking to 'raise brand awareness by exposing the world's most rapidly growing Internet population to the excitement of U.S. horse racing'.

Youbet will broadcast signals and program information in Chinese from the Meadowlands Race Track and Monmouth Park Racetrack in New Jersey; from Sam Houston Race Park in Texas; and from Delta Downs and Evangeline Downs Race Tracks in Louisiana.

"We're launching the China site to be in a position to capitalize on opportunities that could arise if the Mainland Chinese government acts to legalize aspects of online gaming,' said Charles F. Champion, Youbet's CEO. 'Clearly, if gaming laws are liberalized, it will create a large potential market for horse racing and Youbet."

"A Chinese language entertainment site focused on horse racing is a logical, cost-efficient marketing vehicle for introducing our brand and the sport to government officials, gaming industry leaders, track owners and consumers,' Champion said. 'We will carefully monitor regulatory events in China to determine if future expansion of the site is warranted."

The Chinese government's attitude to iGaming, however, remains hostile. There have been several recent prosecutions of internet gaming operators, and government officials have vowed to clamp down on iGaming in all its forms.

Youbet.com Reaches $1 Billion in Wagers.

The $2.00 column-altering bet stepped through Youbet's secure wagering system on Monday January 31, 2005.

'The most gratifying part of reaching the $1.0 billion mark in total wagers processed is knowing that more than 70% of it has been amassed since the Company's new management team took over three years ago,' said Charles F. Champion, CEO of the online wagering concern.

'Beginning with the 2002 racing season, we've tripled the amount we add to track pools annually,' Champion continued, 'a real come-from-behind accomplishment for a dot com survivor.'

Youbet's new management group, which took over Company operations in May of 2002, also moved quickly to quell concerns about advanced deposits by establishing a program called The Players Trust(SM). Created in November of that year with a major U.S. banking institution acting as custodian, the Trust houses and protects the deposits and winnings of Youbet's wagering customers without charge.