|Youbet.com, Inc, the largest provider of horse racing wagering transactions in the United States, has announced continued net revenue growth in its online business for the 2003 fourth quarter.|
Net revenue grew to $5.1 million for the fourth quarter of 2003, a 60 percent increase from the comparable quarter of 2002. For the twelve months ended December 31, 2003, net revenue grew to $18.5 million, an 89 percent increase over the identical period in 2002.
'From an operating standpoint, 2003 was an unqualified success for our team,' said Charles F. Champion, Chairman and Chief Executive Officer of Youbet. 'We are reporting substantial, record gains year-over-year in six key financial measures: total handle; yield on total handle; increase in total revenue; increase in net revenue; increase in cash flow from operations'
'The management team we assembled two years ago has literally transformed Youbet,' Champion said. 'We began on the brink of failure; now we are the lead competitor in our business, ready financially and technologically to meet the challenges which lie ahead,' he concluded.
This will be the eighth year in succession the company has reported net revenue growth. Youbet is unique in that its subscribers are able to watch and, in most states, bet on virtually 100% of all major domestic horse racing content via its exclusive closed-loop network.