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Youbet.com reports record first quarter results

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The online wagering company registered a 23% jump in handle to $88.2 million, a 25.1% increase in total revenue to $18.5 million and a net income of $1 million for the 2005 first quarter, compared to $15,111 in the 2004 first quarter.

“The record first-quarter results reflect our industry leadership position in terms of product offerings, player services, technology, and wagering compliance, all of which contribute to a highly entertaining and trusted experience for our growing customer base,” said Youbet.com Chairman and Chief Executive Officer, Charles Champion.

The company is now moving forward on expansion initiatives, which include the completion of International Racing Group\’s acquisition during the second quarter, the development of account wagering in Nevada and the pursuit of international account wagering opportunities.