"There will be some things like finance and that we can do together, but our management will not be directly involved in how they operate."īet-processing companies like United Tote derive the vast majority of their revenues from fees that are based on the amount of bets they commingle into parimutuel pools. "We're looking to them to continue to guide the company forward," Champion said. ![]() Last year, Youbet purchased a privately owned offshore rebate shop, International Racing Group, which is based in Curacao.Ĭharles Champion, Youbet's chief executive, said Monday that United Tote would operate as a "fully independent subsidiary" of Youbet, and that United Tote's chief executive officer, Joe Tracy, and other top officials would continue to manage United Tote's operations. The acquisition is the second made by Youbet over the past 12 months to expand its business beyond taking horseracing bets from customers over the Internet and the telephone. Inc., the online horse race broadcasting and wagering company, has completed its purchase of United Tote, a bet-processing company, for $31.9 million in cash and the assumption of $14.7 million in United Tote debt, Youbet announced Monday. You have reached a degraded version of because you're using an unsupported version of Internet Explorer.įor a complete experience, please upgrade or use a supported browser
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