BOSTON (Thomson Financial) - Youbet.com Inc. Tuesday said it has resolved
the pending investigation into the wagering activities of certain international
racing group customers.
The investigation is being conducted by federal and state authorities in
Nevada.
Youbet.com said the government has agreed not to pursue any charges against
the company or its subsidiaries. In exchange, Youbet.com has agreed to continue
to cooperate with the government in its investigation.
Youbet.com has also agreed not to contest the seizure of about $1.5 million
from the international racing group by the government in October 2007. The
company said it plans to reimburse customer funds where it is "legal and
appropriate" to do so.
The Woodland Hills, Calif.-based provider of technology and pari-mutuel
horse racing content through Internet and telephone platforms said it expects to
incur ongoing costs associated with the government investigation.
The company's shares closed Monday at 78 cents.
Casey Logan
cl/vj
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