A consumer’s guide to the best and worst of sports media and merchandise. Ground rules: If it can be read, played, heard, observed, worn, viewed, dialed or downloaded, it’s in play here.

What: Youbet.com

In 1997, more than $15 billion was bet on horse racing in the U.S., and of that, $11 billion was wagered off site. The global handle was $104 billion, with 65% being wagered off track.

Off-track betting has been around for a while, and now comes betting via home computer. It’s an issue that will be debated in racing circles, in the media, and even in Congress. Youbet.com and the Maryland Jockey Club have already commissioned a study.

Ron Luniewski, executive vice president and chief operating officer of Youbet.com, said, “We are eager to see how in-home interactive wagering with affect the industry.”

By early next year, the new horse racing channel, TV Games (TVG), plans to have the capability of allowing viewers at home to place wagers.

For now, Youbet.com is up and running, and worth a look for horse players. It is the only interactive online horse racing network currently in operation in the U.S.

There is a www.youbet.com Web site that provides information on how to order a software disk and sign up. Information can also be obtained by calling 1-888-YOUBET8. An account can be established after you get the disk.

The monthly cost for the service is $5.95. Revenue is also generated through information and merchandise sales and transaction fees (wager commission).

A drawback for California horse players is they are not permitted to bet on races at California tracks. Youbet.com does have more than 30 tracks nationwide and another 50 in Australia, though some major U.S. tracks have aligned with TVG and are not available. Besides the convenience of home betting, Youbet.com also features commingled track pools, live audio and video, up-to-the-minute track information and real-time wagering.

Youbet.com is co-owned by Station Casinos, which operates casinos in Nevada and Missouri.