YouBet.com Restates Results
By Staff
American online horse race wagering firm YouBet.com has announced that it will be restating last year’s financial report with an additional impairment charge of up to $1.1 million associated with its purchase of the now defunct International Racing Group (IRG).

YouBet.com, a diversified provider of technology and parimutuel horseracing content for consumers through Internet and telephone platforms, previously prepared its 2007 financial statement indicating an accrued amount of $3.2 million for the final acquisition of IRG. However, a further review by management indicated an error and now this final amount could rise to as high as $4.3 million.

The California firm stated that the precise amount payable is still subject to claims that may only be determined just before the date any payment is due.

 
 
 
 
 
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