Youbet.com, an organization focusing on online gambling involving horse racing, announced it suffered a drop of 28 percent in profits over the second one quarter, in comparison to last year. Youbet is noted for offering online gambling without interference from the U.S. Department of Justice, despite that department's proclamation that each one online gambling is illegal.Youbet officials blamed the economy and tight consumer budgets at the decline.
"We continue to peer weakness around the consumer and gaming sector in particular, which has impacted the pony racing industry," said Youbet CEO David Goldberg.
Goldberg didn't address the rising market overall for Internet gambling, or the positive figures found at most regional casinos, numbers that indicate more a market shift than general economic difficulty.
The site allows gamblers to open accounts, place bets on hose racing across the US, and spot race results online. Youbet and TwinSpires, an analogous site operated by Churchill Downs, are usually cited by overseas online casinos upset with discriminatory practices against online gaming operators.
Quarterly profit dropped to $1.5 million, akin to 3 cents a share, in comparison to $2 million, or 5 cents a share, in 2008. Analysts had predicted almost double the reported profits.
Published on August 17, 2009 by A.J.Maldonado
Read More... [Source: Horse Racing News]
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