Kentucky Based Churchill Downs Acquires YouBet.com

Published Thursday, November 12, 2009 - Online-Casinos.com

Louisville, Kentucky-based Churchill Downs, the very horseracing park that Governor of Kentucky has been trying hard to protect is buying a major online gambling site. Welcome news for some but a stab in the back to others. Governor Steve Beshear made it clear when he went after the Internet gambling community that betting from one's computer at home would hurt Kentucky's horse racing industry. Despite his support for casino gambling, Beshear's administration litigated an unsuccessful lawsuit to seize control of 141 online gambling domains in an attempt to block Kentucky residents from accessing those websites. The Democratic representative has been Governor of the Commonwealth of Kentucky since 2007. The Republican party was dead against Beshear’s attempt to get casinos into Kentucky. They issued a poster with a Beshear look alike with a glass of wine next to a roulette wheel in a white suit. The negative ad campaign did not work and Beshear was voted in.

Churchill Downs that has been struggling financially for the past several years has agreed to buy YouBet.com Inc. for an estimated $127 million USD. The proposed acquisition would give Churchill Downs approximately $700 million USD worth of the available $1.4 billion USD online horse race betting market. Not the Governor or his office have yet to react to the news about the Churchill Downs deal. YouBet.com as an independent company, located in Burbank, California. President and Chief Executive of Churchill Downs, Bob Evans, has said in the past that he expects online gambling on the horse to continue to grow. The racetrack had to do something or disappear. The Churchill Downs administration understands that online betting is the way of the future and they are likely to survive because of it. YouBet.com is a diversified provider of technology and pari-mutuel horse racing content for consumers through Internet and telephone platforms.



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