X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
It’s not often that a GC appointment affects a company’s stock price. But less than three weeks after Woodland Hills, California-based online gambling company Youbet.com, Inc., hired Victor Gallo, its stock shot up 83 percent, from $1.81 to $3.18. Nasdaq, which had kept Youbet.com’s stock on its “delistment warning list” for more than a year, notified the company that it was no longer in danger. Noting the connection between these events and his hiring, Gallo says, “I am certainly something that [Youbet.com] likes to market to our investors and customers.”

Gallo, Youbet.com’s first in-house lawyer, isn’t exaggerating. As he readily acknowledges, his industry is full of untrustworthy, legally questionable, offshore companies. The fact that Youbet.com, which derives most of its lucre from bets processed online for 80 affiliate horse-racing tracks, is both publicly listed and legally compliant often gets overlooked. “I spend a lot of my time lobbying to make sure that other people � legislators and officers at other companies � know this,” says Gallo.

For example: “When Visa decided to recommend to their banks that they cut off all online wagering activity, that hurt us. We had to. . . show them that we’re different from our peers.”

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.