05/01/2007 11:00PM

Youbet holds $1M contest


Youbet.com, the account-wagering platform that will not carry the Kentucky Derby this year because of a contract dispute, is offering a contest that will allow customers to win $1 million for correctly selecting the superfecta in both the Kentucky Oaks and Derby.

The contest, which will cost $10 per entry, is Youbet's response to its failed negotiations with Churchill Downs Inc., according to Youbet.com's chief executive, Charles Champion. Late in April, Youbet said that it would not offer the Derby or the signals from the tracks owned by Churchill Downs and Magna Entertainment Corp. because the two companies demanded that Youbet drop other tracks from its lineup as a condition of an agreement to carry their races.

Customers of Youbet can enter the contest as often as they want, Youbet said in a release.

Although the second leg of the Triple Crown, the Preakness Stakes, is held at a track owned by Magna, Youbet.com will be able to take wagers on the race and the entire card from Pimlico because of an existing contract.

Youbet.com will also take wagers on the third leg, the Belmont Stakes, because the company has a sublicensing agreement with Television Games Network to take the signal from Belmont Park.