Churchill Downs, Inc. Buying Online Wagering Site

Churchill Downs, Incorporated announced Wednesday that it will buy the online wagering site Youbet.com.

A statement from the companies says the transaction is valued at $126.8 million.

They expect online wagering to grow in popularity, though its estimated right now that less than 14-percent of wagering on thoroughbred races is placed online.

Company officials will hold news conferences Thursday to discuss the transaction.