NEWS
Betfair purchases TVG from Macrovision Solutions
Posted: Tuesday, January 27, 2009 4:33 PM
by Frank Angst
Betfair’s increased presence in the United States reached new heights on Tuesday, when the e-gaming business known for its exchange wagering purchased Television Games Network.
Macrovision Solutions sold TVG, a racing television channel and advance deposit wagering company, for $50-million. Macrovision, a digital entertainment technology company, began looking for a buyer for TVG shortly after purchasing TVG’s former parent company, Gemstar-TV Guide, in 2008.
Gerard Cunningham, President of Betfair United States, said his company would use its expertise to grow TVG.
“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,” Cunningham said. “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 horse racing industry to help promote this great sport.”
David Yu, chief executive officer of Betfair, said TVG, which offers pari-mutuel wagering on its platform, is a good fit.
“We have always been attracted by the operating strength of TVG together with its conservative and prudent regulatory approach,” Yu said. “Its values are very much aligned with those of Betfair. We have waited to enter the U.S. market until we had a high quality, and above all, legal product offering, and we believe with this acquisition we have secured those goals.”
Leaders from horsemen’s groups like the National Horsemen’s Benevolent and Protective Association and the Thoroughbred Horsemen’s Group acknowledged in December that they had met with Cunningham. With betting handle down in 2008, horsemen are interested in potential new revenue.
“This is not a time to shut out any potential new sources of revenue,” National HBPA President Joe Santanna said in December.
Betfair became a National HBPA sponsor in 2007, and its representatives participated in the 2008 National HBPA summer convention.
For more on Betfair, click here.
Frank Angst is senior writer for Thoroughbred Times
