Online Betting Company Youbet.com May Reconsider IRG Purchase
31 May 2005
Chuck Champion, Youbet.com’s CEO, is looking to make off-track betting on horse races into a successful business. He hopes that Youbet, located in California, will be able to compete effectively with offshore sportsbetting websites. While online casinos are illegal in almost every state in the United States, there are methods of providing legal online sportsbetting for Americans without taking the business offshore.
Youbet intends to take money from all bettors, wire the money to the track, and only take a small percentage of the bets on each horserace for the company. Unlike in online casinos, Youbet’s wagers will be made only on actual events.
In addition, they will offer rebate betting, which would refund part of the initial bet to those placing high wagers, regardless of whether they win or lose.
But Youbet.com has made some interesting noise recently, when they proposed a purchase of International Racing Group, located in the Dutch Antilles. The online bookkeeper is now being accused of ties to organized crime. Because of rebate betting, members of the Uvari Group, a known New York crime family, were able to use IRG as a method for money laundering and tax evasion.
Youbet will be examining the legal situation at IRG before finalizing any acquisition plans.
Source: Authorized Online Casinos News Staff
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