Youbet.com Processes Record $4.2 Million in Wagers for Preakness Stakes

Strategic Insights -

Youbet.com, Inc. has announced a record $4.2 million in wagers processed last Saturday for the Preakness Stakes, marking an 18.5% increase from the previous year's record handle for the same race day. This total also makes it the second-largest race day total in the company's history, behind only this year's Kentucky Derby. Youbet's users wagered nearly $1 million on the Preakness itself, with over 97% of the company's wagers on Saturday coming from customers living more than 25 miles from Pimlico.

Key Takeaways:

  • Youbet.com processed a record $4.2 million in wagers last Saturday for the Preakness Stakes, a 18.5% increase from the previous year's record handle.
  • The total handle for the Preakness alone was $2 million, a 7.6% increase over 2005.
  • International Racing Group (IRG), Youbet's telephone wagering company, handled $3.3 million in wagers on the day, a 239% increase from 2005.
  • IRG contributed $1.3 million to the Pimlico pari-mutuel pool on Saturday.
  • Youbet signed on 2,150 new customers in the five days leading up to the 2006 Preakness, with 34% of them converting from Youbet.net, the company's play-for-points website.
  • Deposits to Youbet's advanced wagering accounts on race day were $1.25 million, a 2% increase from the same day in 2005.
  • The company served nearly one-third more concurrent users for this year's Preakness compared to last year.

Statistics:

  • Record $4.2 million in wagers processed for the Preakness Stakes
  • 18.5% increase in handle from the previous year's record for the same race day
  • $2 million in handle for the Preakness itself
  • 7.6% increase in handle from 2005
  • 239% increase in wagering handled by IRG from 2005
  • $1.3 million contribution to the Pimlico pari-mutuel pool on Saturday
  • 2,150 new customers signed on in the five days leading up to the Preakness
  • 34% conversion from Youbet.net
  • 2% increase in deposits to advanced wagering accounts on race day
  • Nearly one-third increase in concurrent users for this year's Preakness

Sources:

  • Youbet.com, Inc. press release, dated [no date provided]
  • NASDAQ: UBET