Endorsed by Gambling911

Churchill Downs to Buy Youbet.com for $126.4 Mil

Written by:

Guest

Published on:

Nov/11/2009

(Reuters) - Racetrack operator Churchill Downs Inc (CHDN.O: Quote, Profile, Research, Stock Buzz) agreed to buy Youbet.com Inc (UBET.O: Quote, Profile, Research, Stock Buzz) in a deal valued at $126.4 million in a bid to attract more online customers to horse racing.

The cash-and-stock deal values Youbet at about $2.86 a share, a premium of 19 percent over its Wednesday close of $2.41.

The deal, which is expected to close within the first half of 2010, will result in annualized cost savings of about $10 million, Churchill Downs said in a statement.

As part of the deal, shareholders of Youbet, which lets people bet on horse racing, would receive 0.0598 of Churchill Downs common stock and 97 cents in cash for each share owned.

Churchill Downs owns horse racing tracks in Florida, Illinois, Kentucky and Louisiana that host such high-profile races as the Kentucky Derby and Kentucky Oaks, the Arlington Million, the Princess Rooney Handicap and the Louisiana Derby.

Shares of Youbet rose 8 percent to $2.61 after the bell. Churchill Downs shares closed at $31.57 Wednesday on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Deepak Kannan)

Business/Financial News

Bitcoin Surges Above $106,000 on Strategic Reserve Hopes

Bitcoin surged to a record high above $106,000 in early Asian trade on Monday, boosted by comments from President-elect Donald Trump that suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve.

Bookie Pay Per Head Demo

Price per head companies offer prospective clients a chance to try their Pay Per Head software through a free two week demo but AcePerHead.com takes things one step further. How about a FREE week per month FOR LIFE?

Bet on Will Ethereum hit $3,800 by Friday December 6

Some $8,000 had been bet so far at Polymarket with 44% of those backing Etherum's price shooting above the $3800 mark by Friday.

PricePerPlayer Puts More Dollars in Your Pocket as a Bookie

The primary reason that someone goes into business is to make a profit selling a product or service. The main reason why so many people fail at accomplishing this goal is the lack of having the proper business tools to turn their dream into a reality.

Odds of Bitcoin Reaching Over $100K Before End of November Quite Good

73% of those betting on the price of Bitcoin at Polymarket believe it could touch $95,000 before the month ends though only a small number believe it will surpass $100K.