Churchill Downs Acquires Woodland Hills Based YouBet.com
YouBet.com in Warner Center
I’ve driven by the YouBet.com offices in Warner Center on De Soto Avenue a million times but I was never exactly sure what they did. Well, besides the obvious online gambling connotation. This week the company was acquired for a staggering $126.8 million by horse racing giant Churchill Downs, Inc. Who knew this quiet company in Warner Center had such a bustling operation!
LOUISVILLE, Ky. – Churchill Downs Inc. has agreed to buy online wagering site Youbet.com Inc. for $126.8 million.
The companies said in a statement Wednesday that they expect the percentage of wagering that’s done online to grow, citing recent trends toward online transactions in other industries. The statement says recent statistics show less than 14 percent of thoroughbred wagering in the U.S. is estimated to be placed online.
The companies say Youbet shareholders will own some 16 percent of Churchill Downs stock after the transaction closes.
Churchill Downs Inc., based in Louisville, owns racetracks in Kentucky, Florida, Illinois and Louisiana and off-track betting facilities. Woodland Hills, Calif.-based Youbet.com Inc. is an online horse racing and horse betting site and provides related services.
From YouBet.com:
Youbet.com is a diversified provider of technology and pari-mutuel horse racing content for consumers through Internet and telephone platforms and is a leading supplier of totalizator systems, terminals and other pari-mutuel wagering services and systems to the pari-mutuel industry through its United Tote subsidiary.
Youbet.com’s website offers members the ability to watch and, in most states, wager on the widest variety of horse racing content available worldwide.
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