Betfair, the global facing online gambling company, acquired TV Games Network, official TV and interactive betting partner for the National Thoroughbred Racing Association in the United States. The deal essentially gives Betfair a legal entry into the gambling market in the country, for which it paid $50 million.
“We have always been attracted by the operating strength of TVG, together with its conservative and prudent regulatory approach,” said the Chief Executive Officer of Betfair, David Yu. “Its values are very much aligned with those of Betfair. We have waited to enter 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.”
“We are tremendously excited to be the new owners of TVG and look forward to building upon the world wide experience of Betfair to help promote this great sport,” added President of Betfair, US, Gerard Cunningham. “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.”