Betfair has entered the United States market by acquiring Macrovision Solutions Corporation's TV Games Network for $50 million, the companies announced on Tuesday.
“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 chief executive, said in a prepared statement.
TV Games Network, the California-based horseracing channel, is the official TV and interactive wagering partner of the National Thoroughbred Racing Association and a widely distributed advance deposit wagering service provider for the United States.
Mr. Yu, who is a California native, said that Betfair has always been attracted by the operating strength of the network “with its conservative and prudent regulatory approach.”
Mark Davies, Betfair's director of corporate communications, told IGamingNews via e-mail Wednesday that the company has no immediate plans for TV Games Network and would run it as is for now.
Macrovision, a California-based digital home entertainment technology company, began seeking a buyer for Gemstar-TV Guide, TV Games Network's former parent company, shortly after its purchase in 2008, Corey Ferengul, Macrovision's executive vice president of marketing, told IGamingNews via e-mail Wednesday.
“The divestiture of TVG is consistent with Macrovision’s strategic direction and focus on providing technology solutions, outlined when the company closed its acquisition of Gemstar-TV Guide," Mr. Ferengul said. "TVG, along with TV Guide Network and TV Guide Magazine, was identified as a business not aligned with Macrovision’s core corporate strategy. Macrovision is a technology solutions company -- not a consumer company -- and the divestitures allow us to remain focused on our core competencies."