12/18/2006 1:00AM

Youbet offering stock at $3.25


Youbet.com, the online horse race wagering and broadcast company, intends to raise $18.5 million with a stock offering of 6.2 million shares, the company announced Monday morning.

The shares will be priced at $3.25, Youbet.com said in a release, a discount of 23 cents compared with the price of Youbet shares on Monday morning. The company will use the cash to pay for its acquisition earlier this year of United Tote, the bet-processing company.

Youbet purchased United Tote for $31.9 million in February, in part through the issuance of a $10.2 million promissory note. The offering will close on Dec. 20, Youbet said.