British online betting exchange operator Betfair Group Limited has announced the acquisition of TV Games (TVG) Network from Macrovision Solutions Corporation for $50 million.
TVG Network is the official television and interactive wagering partner of the National Thoroughbred Racing Association (NTRA), a broad-based coalition of horseracing interests charged with increasing the popularity of the sport. It is also among the most widely distributed horseracing networks in the world and serves as a leading provider of advanced deposit wagering services in the US.
“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,” said Fred Amoroso, President and Chief Executive Officer for Macrovision.
Betfair is a leading iGaming betting provider that has horseracing as one of its core products. It has twice been named as the UK’s Company Of The Year by the Confederation of British Industry and remains the only betting company to have won a Queen’s Award For Enterprise.
“We are tremendously excited to be the new owners of TVG Network and look forward to building upon the worldwide experience of Betfair to help grow the business,” said Gerard Cunningham, President for Betfair US.
“We believe TVG Network 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.”
“We have always been attracted by the operating strength of TVG Network together with its conservative and prudent regulatory approach,” said David Yu, Chief Executive Officer for Betfair Group Limited.
“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.”