Calls Proposal "a welcome and realistic approach"

WASHINGTON, May 6 /PRNewswire/ -- The head of the largest legal pure-play online gambling website in the United States, Youbet.com (NASDAQ: UBET), praised legislation introduced today by House Financial Services Committee Chairman Barney Frank that would legalize and regulate Internet gambling and for his courage and fortitude on behalf of personal freedom.

"Chairman Frank's bill is a welcome and realistic approach to U.S. Internet gambling," said Michael Brodsky, Chief Executive Officer of Youbet.com. "Illegal U.S. online gambling is a growing multi-billion dollar industry. Chairman Frank's bill recognizes those realities and would bring this underground activity into the light - regulating it to prevent underage gambling and help problem gamblers, recognizing the personal freedom rights of American adults to gamble online if they so choose, safeguarding their winnings and providing much-needed revenue in these difficult economic times."

Currently, horse race wagering is the only legal online gambling allowed in the U.S. A U.S. publicly traded company, Youbet.com is devoted exclusively to horse racing and provides an already-existing U.S.-based example of how to provide a responsible online gambling experience for adults in a regulated and highly safe and secure environment. Youbet.com's sophisticated, cutting-edge technology provides transparency, helping ensure that it conforms to all state and federal laws, including meeting all tax withholding and reporting requirements.

"Banning Internet gambling has the same effect as the ban on alcohol had during Prohibition; it merely drives the activity underground, forgoes massive tax revenues and makes criminals out of otherwise law-abiding citizens," added Brodsky. "Youbet.com looks forward to sharing our experience in providing a safe, reliable and legal internet platform for adults who enjoy the horse racing experience with Congress and other policymakers as they begin consideration of this important legislation."

About Youbet.com, Inc.

Youbet.com, Inc. (NASDAQ: UBET) is a leading domestic online horse racing and horse betting site, the exclusive provider of live horse racing footage and racing results to ESPN.com and CBSSports.com and a leading supplier of totalizator systems to the pari-mutuel industry. Youbet's website enables its customers to securely wager on horse races at over 150 racetracks each year worldwide from the convenience of their homes or other locations. Through its online platform, Youbet offers members real-time wagering, co-mingled track pools, conditional wagering capabilities, high quality live audio/video, up-to-the-minute track information, mobile wagering, race replay library, simultaneous X2 Video multi-race viewing capability and sophisticated ROI-based player analysis tools. In addition, through its United Tote totalizator systems subsidiary, Youbet provides hardware and software to its track partners, allowing them to process pari-mutuel wagers, issue and pay tickets, and calculate payoff odds.

Contact: Stuart Roy, +1-202-207-3647, Sroy@prismpublicaffairs.com or Richard Ades, +1-202-207-3665, Rades@prismpublicaffairs.com

SOURCE Youbet.com