Turn The Channel

by Ed Meyer

posted on January 29, 2009 in News | No Comments >>

European betting shop Betfair Group Ltd. is entering the United States market with the $50 million purchase of the TVG television network and account wagering company, according to a release issued this afternoon.

Speculation had centered on Louisville-based Churchill Downs Inc. as a potential buyer of TVG, although Churchill officials wouldn’t comment on the speculation.

A call to Churchill spokesman Kevin Flanery was not immediately returned today.

TVG was the television home for Churchill’s races and was the company’s account wagering partner until Churchill started its own account wagering company in 2007.

TVG is being sold by Macrovision Solutions Corp., which had previously announced it wanted to sell TVG after getting it along with the rest of Gemstar-TV Guide.

“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,” David Yu, Betfair’s CEO said in a statement.

Gerard Cunningham, president of Betfair US also said in the announcement: “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.”

Betfair is an electronic gambling company that touts horse racing as its core offering.

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