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Youbet Posts Record Handle in May; Best Month in Company History Despite No Preakness WOODLAND HILLS, Calif. --(Business Wire)-- June 4, 2004 -- Youbet.com, Inc. (Nasdaq:UBET), the leading online live event and wagering company, today announced that its customers wagered more in May 2004 than in any previous month in the Company's history as handle for the month rose a dramatic 16% over May 2003.The total amount wagered through the Youbet network in May was $32.0 million, $4.4 million higher than the previous record of $27.6 million set last year in the same month. The upsurge came even though Youbet could not carry this year's Preakness, won by Triple Crown contender Smarty Jones on May 15. Youbet did carry the race in 2003. The Company said that May 2004 handle was aided by previously announced records for the Kentucky Derby. But, according to Youbet CEO Charles F. Champion, the figures affirm a growing interest in horse racing and online pari-mutuel wagering. "There is a new breed of racing fans starting to emerge," said Champion. "They stay involved with the sport through the Internet and they play the sport at Internet speed. They want races by the minute and wagers at track odds." "By satisfying that demand, Youbet is getting new people into the sport," Champion said. "Ninety (90) percent of the wagers we processed for the Kentucky Derby and the supporting races at Churchill Downs, for example, came from fans outside the state of Kentucky. That's good for us, good for the tracks and horseman ... and most of all good for the fans." Champion said that the excitement generated by the Triple Crown is a key factor in fan involvement. "Smarty Jones' quest for the Crown at this weekend's Belmont Stakes, which will be carried on the Youbet network, should add to the fan base," Champion asserted. "If history serves as an accurate guide, we expect a lot of those fans to access their interest online." Youbet.com is the largest Internet provider of thoroughbred, quarter horse and harness racing content in the United States, as measured by handle data published by the Oregon Racing Commission. Members have the ability to watch and, in most states, the ability to wager on the widest variety of horse racing content available via Youbet.com's website. Youbet.com members enjoy features that include commingled track pools, live audio/video, up-to-the-minute track information, real-time wagering information, phone wagering and value-added handicapping products. Youbet.com is an official online wagering platform of Churchill Downs Incorporated and the Kentucky Derby. Youbet.com operates TotalAccess(SM), an Oregon-based hub for the acceptance and placement of wagers. More information on Youbet.com can be found at www.youbet.com. Forward-Looking Statements This press release contains certain forward-looking statements. Statements containing expressions such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," potential," "continue" or "pursue," or the negative or other variations thereof or comparable terminology used in Youbet's press releases and in its reports filed with the Securities and Exchange Commission are intended to identify forward-looking statements. These forward-looking statements, which are included in accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause Youbet's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although Youbet believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission. Such factors include, without limitation, the following: the timely development and market acceptance of new products and technologies; our ability to secure financing on terms acceptable to us; our ability to control operating expenses; increased competition in the advance deposit wagering business; a decline in the public acceptance of wagering; wagering ceasing to be approved in jurisdictions where Youbet currently operates; the limitation, conditioning or suspension of any of Youbet's licenses; increases in or new taxes imposed on wagering revenues; loss or retirement of key executives; and a decline in the general economy. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. Youbet does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. Note: You Bet is a registered trademark of Youbet.com, Inc. All other brands and products referenced herein are the trademarks or registered trademarks of their respective holders. To open an account, please visit www.Youbet.com or call Member Services toll free at 1-888-YOUBET8 (968-2388). |
