Tuesday afternoon the European betting shop Betfair, an internet wagering platform that features horse racing, announced it is entering the United States gambling market by spending $50 million to purchase of the TVG television network and account wagering company, according to a press release. The Meadowlands is among the harness tracks featured on TVG.
TVG is being sold by Macrovision Solutions Group, which had acquired the horse racing network when it bought Gemstar-TV Guide. There had been some speculation that Churchill Downs, which owns HRTV in partnership with Magna Entertainment, was a potential buyer of TVG.
"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," Betfair 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."
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