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Youbet.com Appoints New United Tote President

5th October 2009 8:30 am GMT

U.S horse racing content and wagering provider Youbet.com has announced the appointment of Dawn Haden as President of the company's United Tote subsidiary, replacing incumbent Jeff True, who will step down from his position effective November 1st.

Prior to joining Youbet in 2008, Ms Haden spent the previous twelve years working with technology leaders including Orbitz.com, Careerbuilder.com, CIMCO Communications and J3 Corporation, tasked with streamlining operations and organizational design, with a focus on maximising corporate profitability.

"United Tote is the recognised technology leader in totalizator hardware and software systems and I am very excited by the challenge of taking this company to the next level of performance," said Ms Haden.

"Our 200+ clients include some of the biggest brand names in racing, including Churchill Downs, New York Racing Association (Belmont and Saratoga) and Keeneland, placing us in a strong position to grow and streamline our operations while providing the best service in the business."

One of Ms. Haden's first tasks will be to attempt to arrest United Tote's recent revenue declines, down 17% to US$10.4 million for the six month period ended June 30th, primarily as a result of contract losses and lower handle on existing contracts.

David Goldberg, Youbet.com President and CEO said: "Dawn has been an integral contributor to Youbet's success over the last 18 months, overseeing the transition and redesign of key administrative and operational systems both for Youbet.com and United Tote - her focus on process improvements and fiscal responsibility is impressive and has contributed greatly to the efficiency and profitability of the company."

Incumbent President Jeff True has been at Youbet.com for over six years, initially serving as General Manager for the western United States and as President of United Tote since 2006.

"Jeff has worked diligently over the last 18 months to improve both the profitability and the operations at United Tote," said Goldberg. "We very much appreciate his efforts - specifically his focus on the customer where he has developed a strong base of goodwill - which we will build upon going forward, and wish Jeff well in all his future endeavours."

Shares in Youbet.com Inc (Co. Profile) (NASDAQ:UBET) will commence trading at $2.08 per share later today in New York.

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