Betfair Gambles On US HorseracingPublished July 1, 2009 by OCR Editor
British company set to revamp American horseracing TV channel it bought earlier in 2009.
United Kingdom-based gambling company and sportsbook Betfair is betting on a relaxation in US laws as it strengthens a push into the American horseracing market, The Times reported Friday.
Betfair recently bought American horseracing television channel TVG and is planning a revamp of the channel in an effort to gain a foothold in the $14 billion US horseracing betting market, according to the report.
TVG, which Betfair purchased for $50 million at the beginning of 2009, is broadcast to more than 30 million homes across the United States with more than 15 hours of live sports each day. In 2008, its Website took in around half a billion dollars in wagers.
The purchase is an unprecedented move by a British gambling company into the U.S. horseracing market, and one Betfair said it wants to use to modernize the local horseracing betting industry, the report said.
Betfair USA president Gerard Cunningham was quoted by The Times as saying that TVG had added nearly 30 racetracks to its coverage over the last month and a half.
"We want to be able to offer every single racetrack and have access to every single race. We are broadening the bases," he was quoted as saying.
According to Cunningham, TVG gives Betfair the foothold it needs in the country and positions it to take advantage of any easing of regulations in the US, which maintains much stricter betting laws than those in the UK.