Youbet takes loss but handle is up

Youbet.com, the online horse race wagering company, lost $982,000 in the second quarter of 2003 while posting record quarterly handle numbers, the company announced Monday.

The loss, which was 4 cents a share, missed analysts' estimate by 2 cents a share, sending the company's share price down 52 cents, or 14.1 percent, to $3.16. Volume was 1.5 million shares, approximately 50 percent higher than the typical daily average.

Youbet's handle in the second quarter, which included the three Triple Crown races, jumped to $73.3 million, an increase of 85.3 percent over the second quarter of 2002. Revenue from handle was $4.7 million, an increase of 105 percent over the second quarter of last year.