Youbet income up on period

Youbet.com, the online horse race broadcasting and wagering company, had net income of $2.2 million in the second quarter of 2006, an increase of 69 percent compared with net income of $1.3 million in the second quarter last year, according to financial statements released by the company Thursday.

The second-quarter results include revenue and expenses from United Tote, the bet-processing company that Youbet purchased earlier this year, and a full quarter's results from International Racing Group, a rebate shop Youbet purchased in the second quarter last year. Last year's second-quarter results included only 29 days of operations for International Racing.

Revenue in the quarter was $39.6 million, compared with $23.5 million in the second quarter of 2005. Net revenue from Youbet's domestic on-line platform in the quarter was $7.8 million, compared with $6.9 million last year. Revenue from International Racing was $2.1 million, compared with $355,000 in the shortened second-quarter period last year. Revenue at United Tote in the quarter was $8 million.