Youbet faces delisting
By Paul
It’s been a mixed week for troubled online events and wagering company Youbet.com. First it announces “another record-breaking week,” with a company record daily handle of $1 million again being broken. Now it looks like Youbet will be delisted from the Nasdaq stock market, which has determined that the company’s shares don’t comply with the minimum bid price requirements.

In March, the company said it expected to receive to be de-listed if its shares didn't trade with a minimum bid price of at least $1 for 10 consecutive trading days prior to May 15.

In addition to the $1 million handle (the total amount wagered by bettors), the weekly handle record was up nearly half a million dollars.

Despite the pending de-listing, David Marshall, CEO of Youbet.com said the company’s record handle represented “the greatest level of success it has ever had.'

'We enjoyed incredible success this week,' Marshall said, adding “our staff answered nearly double the number of customer service calls received on Derby Day…We maintained the integrity of our network while once again exceeding our record for number of network users online simultaneously.'

Marshall praised Youbet’s staff, and attributed the increased handle to the turnaround in the past two months and improvements in efficiency and productivity.

 
 
 
 
 
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