Online horse racing and horse betting operator Youbet.com Inc. said Monday that it had appointed Susan Bracey as interim chief financial officer, effective immediately, and plans to restate the first two quarters of this year.

Bracey, was CFO and executive vice president of Ticketmaster for eight years, fills a position that has been open since the departure of Jim Burk in March. “I am extremely pleased to welcome Susan to the company,” Chief Executive David Goldberg said in a statement. “Susan and I worked together at Ticketmaster for several years, and I am excited to be teaming with her once again.”

The restatement of YouBet’s first and second quarters of 2009 will correct an error in the Burbank company’s calculation of accruals under its “Youbet Advantage” player incentive program, the company said. The error was identified during a review of the program to improve its efficiency.

The company expects that restatement will result in a non-cash charge reducing previously reported net income for the six months ended June 30 by a total $346,000, or 1 cent per share.

YouBet last month said its second quarter net income fell to 3 cents per share compared with 5 cents per share a year ago, with revenue up 3 percent to $30.2 million.

YouBet shares were down 9 cents, or 4 percent, to $2.16 in midday trading on the Nasdaq.