Youbet.com (ticker: UBET) CEO Chuck Champion discussed his company's plans to expend into the non-English speaking U.S. markets, as well as his view of horseracing betting industry consolidation. Here are his comments:
On expanding into non-English speaking markets:
...we announced plans to launch a horseracing entertainment website, exclusively for access by customers residing in Mainland China. This effort will help us extend our brand to a new, potentially large market, where the legalization of online gaming is gaining traction. Based on the architecture developed for this new website, we plan to also launch this spring both Spanish and Chinese language translations of our platform, which will help us to remain current with the changing demographics in many racing centers throughout the United States.
On betting industry consolidation:
our priorities for growth… to focus on industry consolidation opportunities. Consolidation makes sense not only for the ADW [advance deposit wagering] channel but also for the horseracing industry in general. …as the market share leader, Youbet is solidly positioned to capitalize on industry consolidation, should it occur, as our system provides leverage and capacity to scale up to take on significant higher handle.
Last week, we announced our intentions to acquire International Racing Group… We also continue to engage in dialogue with other industry participants…
On providing back-end solutions:
[We also plan to] …leverage our platform to provide a Private Label back-end system for domestic racetracks. And our goal is to be able to develop and deploy at least one arrangement during sometime this year.
(Quotes from the CCBN StreetEvents transcript.)