Unreliable accounts for Youbet.com

Error in calculation of accruals under incentive program

The online horseracing and betting company announced this week that it intends to restate its financial statements for the interim periods ended March 31 and June 30, to correct an error in the company's calculation of accruals under its "Youbet Advantage" player incentive program.

As a result, the historical financial statements for these periods should no longer be relied upon, the company stated.

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