Youbet reports second-quarter losses

Youbet.com, the online horse racing wagering service, lost $3.2 million in the second quarter of 2001, the company said late Tuesday, or 17 cents per share.

Revenue for the quarter was $1.7 million, a 14 percent increase over revenue in the second quarter of last year, when the company had a net loss of $3.3 million. Total wagering through the network was $28.4 million in the quarter, compared with $26.3 million last year.

Youbet, based in Los Angeles, is currently developing a wagering hub operation in Oregon that it plans to open in September. After Youbet opens the hub, the company plans to accept wagers on more than 20 additional tracks due to an agreement it recently reached with Television Games Network, the racing broadcaster and account wagering provider.