Solid Results For YouBet.com

The Californian firm revealed that its first quarter 2009 net income increased 51 percent year-over-year to $1.2 million while its YouBet Express online wagering service grew its handle by 30 percent to $28.5 million over the same period in 2008.

YouBet.com stated that its gross profits for the third quarter grew year-on-year by $155,000 to $9.7 million while the firm’s cash and equivalents at the end of March rose by over 48 percent year-on-year to $17.67 million.

“We are pleased with our first quarter 2009 results as we are off to a strong start in spite of the difficult economy and in an industry that, according to Equibase, has shown a 9.3 percent handle decline on a year-over-year basis,” said Michael Brodsky, Chief Executive Officer for YouBet.com.

“Our handle and revenues increased considerably in the quarter as a result of our efforts in landing a significant amount of new global content for YouBet Express.

“Looking ahead into the second quarter, we are pleased to bring back the entire Triple Crown content to YouBet customers along with adding more racing content from other key tracks including Churchill Downs, Calder Race Course and Arlington Park.

“We were pleased in the first quarter to see a ten percent increase in average weekly unique wagerers and an 18 percent increase in average wagers from them over the first quarter of 2008 with the positive trend continuing into the second quarter of 2009.

“Looking toward the rest of 2009, our focus remains on growing our handle by adding more content and key capabilities to improve the YouBet Express platform and enhance the overall client experience while keeping a watchful eye on expenses. In addition, we expect to be investing for future growth operationally while staying vigilant on legislative developments.”