Youbet carries the segment assets at approximately $23.5 milllion and, assigning Youbet's entire $11.2 debt load to the segment, produces an implied net asset value of approximately $12 million, or $0.29 per share. However, a 15% owner cash flow yield (7 multiple) implies segment value of $20 million, or $0.48 per share. A 50/50 segment valuation yields $16 million, or $0.38 per share.Gaming: Youbet trades at approximately one third the owner cash flow multiple of Churchill Downs (8.6 times versus 29.4 times) despite much lower capital requirement (1 2% of sales versus 10%) and higher ROE (29% versus 8%).Niche franchise Internet: On an earnings basis, Youbet trades at a fraction of multiples awarded to Blue Nile and The Knot (19 times versus 56 and 63 times, respectively, on 2008 figures where the first nine months of the year weren't so bad for retail/media).

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