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UNITED STATES
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
NOVEMBER 12, 1999
Date of report (Date of earliest event reported)
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YOUBET.COM, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-13789LA 95-4627253
(State or other jurisdiction (Commission file number) (I.R.S. Employer
of incorporation) Identification Number)
1950 SAWTELLE BOULEVARD, SUITE 180, LOS ANGELES, CALIFORNIA 90025
(Address of principal executive offices) (zip code)
(310) 444-3300
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On November 10, 1999, Youbet.com (the "Company") announced its voluntary
suspension of the reception and transmission of wagering information from
California residents and is accelerating its implementation of a new data
center outside the state of California in cooperation with the Los Angeles
County District Attorney's investigation. At November 10, 1999, approximately
17% of the Company's subscribers were from California. For the quarter ended
September 30, 1999, the Company had 11,452 subscribers, an increase of 5,724
or approximately 100% for the quarter. A copy of a press release issued by
the Company on November 10, 1999 is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
ITEM 7. EXHIBITS
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EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
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99.1 Press release dated November 10, 1999
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SIGNATURE
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 thereunto duly authorized.
YOUBET.COM, INC.
Date: November 12, 1999 By: /s/ Phillip C. Hermann
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Phillip C. Hermann
Chief Financial Officer and
Executive Vice President
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COMPANY PRESS RELEASE EXHIBIT 99.1
YOUBET.COM ANNOUNCES SUSPENSION OF ONLINE GAMING FOR CALIFORNIA RESIDENTS
LOS ANGELES--(BUSINESS WIRE)--Nov. 10, 1999--Youbet.com, Inc. (Nasdaq: UBET -
NEWS), the online live event gaming company, today announced that in
cooperation with the Los Angeles County District Attorney's investigation,
the company has voluntarily suspended the reception and transmission of
wagering information from California residents and is accelerating its
implementation of a new data center outside the state of California.
"In continued cooperation with the District Attorney's office we have
voluntarily suspended service to our California based subscribers," said
Robert Fell, chief executive officer of Youbet.com. "Youbet was already in
the planning stages of a redundant data center outside of California and we
are now implementing these plans to move computer equipment that records and
stores data."
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. Youbet.com 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. 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 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.
CONTACT:
Youbet.com, Inc., Los Angeles
Phillip Hermann, 310/444-3300
or
Morgen-Walke Associates, Inc.
Erica Mannion or John Swenson, 415/296-7383 (IR)
Christopher Katis, 415/296-7383 (Media Relations)
Eric Gonzales, 212/850-5600 (Wire Services)
