Betfair pays $50M for TV Games Network
Electronic gambling company Betfair Group announced its purchase of TV Games Network - the official channel of the Thoroughbred Racing Association - for $50 million from Macrovision Solutions. The acquisition should give the U.K. company, which takes bets on the web and by phone, a solid presence in the racing business and the U.S. online gambling market.
Macrovision bought Santa Clara, Calif.-based TV Games Network from Gemstar-TV Guide last year, and looked like it was going to sell to Churchill Downs Inc. before Betfair swooped in. Churchill already owns account-wagering sites Youbet.com and XpressBet. The network brought in $56.6 million in 2007, mostly in royalties from companies taking bets on tracks that contract exclusively with TVG - but most of these contracts are approaching expiration.
