Thursday, December 1, 2005

YouBet.com Buys United Tote

Woodland Hills-based online gambling site Youbet.com said today that it has acquired United Tote, a provider of equipment for the industry, for $49M. The deal was approximately $34.2M in cash and the remainder the refinancing of $14.4M of secured debt in United Tote. United Tote provides equipment and terminals for Churchill Downs and New York Racing Association (NYRA) and other racing facilities. United Tote reported $23.0 million in revenue and $2.8 million in EBITDA in 2004.