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No Derby on Youbet?

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April 24, 2007

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Youbet announced late Monday that unless TrackNet Media--the new joint venture between Churchill and Magna--drops its requirement that Youbet forego other premier races to carry the 2007 Kentucky Derby and other TrackNet controlled content, customers of the industry's advanced deposit wagering outlet will not be able to use its website or phone facilities to wager on the first leg of this year's Triple Crown.

"Instead of the broader, more inclusive distribution formula the industry has been promised, TrackNet presented us with an unreasonable either-or scenario," said Youbet.com Inc. CEO Charles F. Champion.

"To carry this year's Kentucky Derby and its other content, TrackNet wants us to forego races from, among others, Aqueduct, Belmont, Saratoga, Del Mar, Keeneland, Oak Tree at Santa Anita, Saratoga Harness, Turfway Park, Turf Paradise, and Los Alamitos."

In light of the deadlock, Champion said that conversations with horsemen, regulators and tracks across the country have revealed major concerns about the TrackNet approach.

"When the actual terms of TrackNet arrangements become more widely understood," he said, "we're confident that the industry, and particularly horsemen who have the legal right to approve simulcasting distribution arrangements, will intervene to drive a solution that takes into account the needs of all stakeholders, including customers." (press release by Youbet.com)

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