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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
October 20, 1999
YOUBET.COM, INC.
(Exact Name of Registrant as specified in Charter)
Delaware 33-13789LA 95-4627253
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
1950 Sawtelle Boulevard, Suite 180, Los Angeles, California 90025
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(Address of principal executive offices) (Zip Code)
(310) 444-3300
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
A. A copy of a press release issued by Youbet.com, Inc. on October 14, 1999
is attached hereto as EXHIBIT 99.1 and incorporated herein by reference.
ITEM 7. EXHIBITS
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Exhibit Number Description of Document
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99.1 Press release dated October 14, 1999
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2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 20, 1999 YOUBET.COM, INC.,
(Registrant)
By: /s/ Phillip C. Hermann
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Phillip C. Hermann
Chief Financial Officer
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EXHIBIT 99.1
THURSDAY OCTOBER 14, 1:47 AM EASTERN TIME
COMPANY PRESS RELEASE
YOUBET.COM, INC. IS COOPERATING WITH
LOCAL INVESTIGATION OF LEGALITY OF ONLINE AND TELEPHONE
PARIMUTUEL WAGERING IN CALIFORNIA
LOS ANGELES--(BUSINESS WIRE)--Oct. 14, 1999--Youbet.com, Inc. (Nasdaq: UBET -
NEWS), the leading global online live-event wagering company, today announced
that it has provided records in cooperation with a search warrant served by
the Los Angeles County District Attorney.
The Company understands the District Attorney's investigation to encompass
the legality of online and telephone wagering within California. The Company
is continuing to cooperate with the investigation.
"Youbet.com is and always has been in compliance with applicable state,
federal and international laws," said Robert Fell, chairman and CEO of
Youbet.com. "As a pioneer in the new category of online live event wagering,
we are prepared to help inform people about our business. Interstate wagering
on parimutuel horse racing has been legal for more than 20 years, as
stipulated in the Interstate Horse Racing Act of 1976. Telephone wagering
across state lines has been legally practiced by Ladbroke U.S.A. (the
Pennsylvania company that maintains subscriber accounts and accepts wagers
from our network) as well as Penn National, the New York Racing Association,
New York OTB and many others. We believe that this investigation will confirm
that we are operating very much within the law as well as provide added
validation of our vision of becoming the leading global brand for online live
event wagering."
Youbet.com provides an interactive entertainment and information environment
for its online subscribers, but does not actually accept or place any wagers.
Wagers are accepted and placed only by a state licensed wagering entity,
currently the Ladbroke Pennsylvania facility. Youbet.com's role in the
wagering process is limited to transmitting information related to the wagers
to the licensed wagering facility.
Youbet.com is focused on using the power and interactivity of the Internet to
allow participation and wagering on live online events worldwide. The Company
currently provides members the ability to watch and wager on a wide selection
of coast-to-coast thoroughbred and harness horse racing, via its exclusive
private closed-loop network. Members have 24-hour access to the network's
features, including live racing from a choice of more than 30 racetracks
across the country, commingled track pools, live audio/video,
up-to-the-minute track information, real-time wagering information, and
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value-added handicapping products. In December 1998, Youbet.com accepted the
1998 Innovator of the Year Honors by Internet Gaming International. For
further information, visit WWW.YOUBET.COM. To subscribe to the You Bet
Network call 1-888-YOUBET-8 or visit the Web site at youbet.com.
Forward-Looking Statements: This release may contain forward-looking
statements, which are made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. Expressions of future goals
and similar expressions reflecting something other than historical fact are
intended to identify forward-looking statements, but are not the exclusive
means of identifying such statements. These forward-looking statements
involve a number of risks and uncertainties, including the timely development
and market acceptance of products and technologies, successful integration of
acquisitions, the ability to secure additional sources of financing, the
ability to reduce operating expense and other factors described in the
Company's filing with the Securities and Exchange Commission. The actual
results that the Company achieves may differ materially from any
forward-looking statements due to such risks and uncertainties. The Company
undertakes no obligations to revise or update any forward-looking statements
in order to reflect events or circumstances that may arise after the date of
this release. You Bet is a registered trademark of Youbet.com, Inc. All other
brands and products referenced herein are the trademarks or registered
trademarks of their respective holders.
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CONTACT:
Youbet.com
Phillip Hermann, 310/444-3300
or
Morgen-Walke Associates, Inc.
Erica Mannion/John Swenson, 415/296-7383 (IR)
Christopher Katis, 415/296-7383 (Media Relations)
Eric Gonzales, 212/850-5600 (Wire Services)
