Online wagering firm Youbet.com Inc. yesterday said it was laying off 34 employees — close to a third of its work force — and announced the resignation of president/CEO A.L. Frank.
Youbet.com, Los Angeles, said payroll money saved by the layoffs would be used to expand its core horse-race betting business. The site, at www.youbet.com, plans to combine its betting and sports-related products into one site.
Youbet.com's stock price was more than $6 per share when Frank took the company helm in February. Like many other dot-coms, its price plummeted during the ensuing months. The firm's closing price yesterday was $1.
Executive vice president Ron Luniewski has been appointed chief operating officer and will assume Frank's responsibilities.