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Technology | TECHNOLOGY BRIEFS

Youbet Lays Off 30% of Work Force

November 29, 2000|Bloomberg News

Youbet.com Inc., whose Internet service lets subscribers bet on horse races, said it trimmed its work force by 30%, or 34 employees, to cut costs and that its president and chief operating officer left the company. The company said A.L. Frank, who had been chief operating officer and president of the Los Angeles-based company since February, had resigned. Ron Luniewski, an executive vice president, will succeed him. The company didn't comment on any charges it might take as a result of the cuts. Youbet.com doesn't actually accept bets; it transmits wagers to licensed racetracks. Youbet.com had about 14,500 subscribers to its You Bet Network at the end of the fourth quarter. Shares of Youbet.com, which had 1999 revenue of $3.77 million, fell 16 cents to close at $1 in Nasdaq trading.

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