(PRESS RELEASE) -- Continuing its commitment to horse racing around the world and in a major step for a European online gambling operator, Betfair has today entered the US betting market with a US$50 million acquisition of TV Games Network (TVG), the official TV and interactive wagering partner of the National Thoroughbred Racing Association.
TVG is one of the most widely-distributed horseracing networks in the world as well as a leading provider of advance deposit wagering services in the US. TVG customers can bet interactively on races over the phone, online and via television in states across the U.S. where wagering services are legal.
Gerard Cunningham, President of Betfair U.S, said: "We are tremendously excited to be the new owners of TVG and look forward to building upon the worldwide experience of Betfair to help grow the business.
"We believe TVG to be the premium product in the sector, with exceptional staff and loyal customers, and we look forward to working with the horseracing industry to help promote this great sport."
Fred Amoroso, President and CEO of Macrovision, said: "The divestiture of the TVG Network marks another milestone in a set of objectives we set for ourselves when we acquired Gemstar-TV Guide in 2008, and helps to focus our company around the goal of powering a uniquely simple home entertainment experience."
David Yu, CEO of the Betfair Group added: "We have always been attracted by the operating strength of TVG together with its conservative and prudent regulatory approach. Its values are very much aligned with those of Betfair."
"We have waited to enter the US market until we had a high quality, and above all, legal product offering, and we believe with this acquisition we have secured those goals," he said.