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Youbet.com (UBET) was down 12% at midday after soaring 74% in Monday's session.

The online betting company announced Monday a new strategic relationship with interactive horse racing cable network

TVG

, a unit of

TheStreet Recommends

Gemstar-TV Guide

(GMST)

.

The deal greatly increases Youbet.com's potential market and also puts TVG in a position to become a majority shareholder in Youbet.com.