Betfair acquire The TV Games Network
January 28, 2009 by mbates
The UK based internet betting exchange Betfair and digital entertainment technology company Macrovision Solutions Corporation has today announced that Betfair has completed the purchased of the TV Games Network (TVG) from Macrovision for $50 million. This move will see Betfair put a massive foothold into the American gaming market.
The TV Games Network (TVG) system is used at 70 horse racing tracks throughout the US, including the major courses at Kentucky and New York. The service allows user to wage from home online, by phone with a web-enabled mobile phone, and a set-top remote control.
The President of US arm of Betfair Gerard Cunningham 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.”
Although any betting in the USA is strictly regulated it has been seen as off limits area for British companies due to The Unlawful Internet Gambling Enforcement Act which has caused severe problems for many operators, this could see Betfair have a major head start when and if the regulations are eased.
David Yu the CEO of the Betfair Group Ltd said “We have waited to enter the US market until we had a high quality, and above all, legal product offering”
