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The Washington State licensed Youbet to accept online bets from Washington residents

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California-based will legally accept online bets on horse races around the country from Washingtonians giving the state’s horse racing industry a cut of each bet.

According to the Washington Horse Racing Commission, the online betting company had been illegally accepting millions of dollars in bets from state residents for years.

Youbet, which agreed to compensate the state with $400,000 for wagers it accepted in 2004, is the third company to get a state license since last year when the Legislature legalized a form of online and telephone betting called “advanced deposit wagering” on horse races only.

Youbet attorney Scott Solomon said the company applied for a license under the new law even though it believes the state doesn’t have the authority to regulate interstate internet gambling.