Churchill Downs Inc. Will Buy Online Wagering Site

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Churchill Downs Inc. has agreed to buy online wagering site Youbet.com Inc. for $126.8 million.

The companies said in a statement Wednesday (Nov. 11) that they expect the percentage of wagering that's done online to grow, citing recent trends toward online transactions in other industries. The statement says recent statistics show less than 14% of thoroughbred wagering in the U.S. is estimated to be placed online.

The companies say Youbet shareholders will own some 16% of Churchill Downs stock after the transaction closes.

Churchill Downs Inc., based in Louisville, owns racetracks in Kentucky, Florida, Illinois, and Louisiana and off-track betting facilities. Woodland Hills, Calif.-based Youbet.com Inc. is an online horse racing and horse betting site and provides related services.