Shares in Youbet.com Inc. lost nearly 8 percent Friday after the company cut its full-year earnings forecast following lower-than-expected revenue at two subsidiaries.

The Woodland Hills-based horse betting services provider said that it was downgrading its annual per share profit guidance to a range of 13 cents to 16 cents from an earlier range of 15 cent to 17 cents.

The company added that it expects to either break even or report a one-cent loss in the second quarter.

The company said that the downgrade resulted from its offshore wagering subsidiary, International Racing Group, not carrying any Triple Crown races, causing second-quarter revenue to fall 33 percent.

The company also said that it expects revenue at another of its subsidiaries, United Tote, which provides wagering technology systems, to fall 18 percent.

Youbet.com said it plans to cut about $5 million in payroll and operating costs and decrease marketing expenditures for the second half of the year to get back on track.

Youbet.com shares fell 17 cents to $2.06 in afternoon trading Friday on the Nasdaq. Shares have lost 46 percent so far this year.