United Tote

United Tote is an American company that provides totalizator equipment and services for parimutuel wagering at racetracks. It is owned by Churchill Downs, Inc.

History

United Tote was founded in the 1950s by the Shelhamer family of Montana.[1]

The company made its initial public offering in 1984, raising $7 million.[1]

In 1986, United Tote bought Sunland Park Racetrack in New Mexico for $3.5 million.[2]

In 1989, United Tote purchased one of its largest competitors, Autotote Systems, from Thomas H. Lee.[1][3] Before the two companies' operations could be integrated, the merger was challenged by federal antitrust regulators.[1] A 1991 court ruling forced the company to split back up, and the original United Tote assets were sold back to the Shelhamer family.[1][4]

In 1994, the company was purchased by Video Lottery Technologies, Inc., a maker of lottery equipment, for $19.6 million in cash, $10 million in promissory notes, and an earnout agreement worth up to $10 million.[5] Video Lottery Technologies, later named Powerhouse Technologies,[6] was acquired in 1999 by Anchor Gaming,[7] which was then purchased in 2001 by International Game Technology (IGT).[8] United Tote became part of IGT's newly formed lottery division.[9]

IGT sold United Tote in 2003 for $12.3 million.[10]

In 2006, Youbet.com purchased United Tote for $31.9 million plus $14.7 million in assumed debt.[11][12]

United Tote became part of Churchill Downs, Inc. in 2010, when that company acquired Youbet.com.[13]

References

  1. 1 2 3 4 5 Phyllis Berman (November 9, 1992). "Home on the range". Forbes.  – via HighBeam Business (subscription required)
  2. ↑ "Sunland Park track sold for $3.5 million". Dallas Morning News. November 10, 1986 – via NewsBank.
  3. ↑ U.S. v. United Tote, Inc., 768 F.Supp. 1064 (D. Del. 1991).
  4. ↑ Form 10-K: Annual Report (Report). Autotote Corporation. January 26, 1996. Retrieved 2015-03-11 – via EDGAR.
  5. ↑ "Video Lottery Technologies completes agreement to acquire United Wagering entities" (Press release). Video Lottery Technologies, Inc. May 5, 1994. Retrieved 2015-03-14 – via The Free Library.
  6. ↑ "Video Lottery Technologies, Inc. announces name change to Powerhouse Technologies, Inc., effective January 1, 1998" (Press release). Video Lottery Technologies, Inc. December 22, 1997. Retrieved 2015-03-14 – via PR Newswire.
  7. ↑ "LV firm completes Powerhouse merger". Las Vegas Sun. June 30, 1999 – via NewsBank.
  8. ↑ Jeff Simpson (December 30, 2001). "Casinos expect more guests, but less money, on New Year's weekend". The Press of Atlantic City – via NewsBank.
  9. ↑ "Reno-based company forms lottery division". Las Vegas Sun. March 19, 2002. Retrieved 2015-03-14.
  10. ↑ Form 10-K: Annual Report (Report). International Game Technology. December 10, 2003. p. 3 – via EDGAR.
  11. ↑ "Youbet.com completes United Tote acquisition following adjustment of purchase price and payment terms" (Press release). Youbet.com. February 13, 2006 – via NewsBank.
  12. ↑ Matt Hegarty (December 1, 2005). "Youbet.com agrees to buy United Tote for $49 million". Daily Racing Form. Retrieved 2015-03-14.
  13. ↑ Matt Hegarty (June 3, 2010). "Churchill Downs completes Youbet.com purchase". Daily Racing Form. Retrieved 2015-03-14.
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