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Churchill Downs Inc has entered into an agreement to purchase half of the $1.4 billion online horse betting market. The agreement has been made between Churchill Downs of Louisville, Kentucky and the owners of Youbet.com Inc of Burbank and is valued at approximately $127 million.
According to the Oregon Racing Commission, Youbet.com Inc owns approximately 30% of the total online market for horse betting, as well as TwinSpires.com, which holds an additional 21% of the market.
President and CEO of Churchill Downs, Bob Evans, said he anticipated that the amount of online wagering on horse races would increase over time. Last year, 10% of the $14 billion wagered on horse racing in the U.S. was online.
Churchill Downs owns nine racetracks in Florida, Illinois and Kentucky as well as 19 off track betting sites. The newly merged company’s biggest competitor will be TVG, which owns approximately 30% of the online horse wagering market.
The purchase agreement consist of a stock and cash payout, which means Youbet shareholders will receive 97 cents a share plus 0.0598 shares of Churchill Downs stock. Once the deal is finalized Youbet shareholders will own 16% of Churchill Downs stock.
Churchill Downs said the deal has been approved by the boards of both companies but is subject to regulatory approval and the approval of YouBet shareholders.
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