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Betfair Group gets foothold in U.S.

Feb 3, 2009 5:02 PM
by Ray Poirier | The bet to win or bet to lose outfit out of England finally has a foothold in U.S. horse race betting thanks to its recent purchase of TVG, this country’s largest account wagering system.

But no, the Betfair Group will not be able to use the same betting system that has outraged wagering regulators outside of the U.K. For the time being, at least, the company plans to continue taking bets the old-fashioned way.

After putting up $50 million in cash to buy the company from Macrovision Solutions Corporation, Betfair president Gerard Cunningham was quoted as saying, "We have always been attracted by the operating strength of TVG together with its conservative and prudent regulatory approach."

However, as HTA’s Stan Bergstein noted in his Executive Newsletter, "with a foot now in the American racing door, it seems certain that Betfair will gain a foothold with its betting exchange operations, as it did in Australia, New Zealand and elsewhere around the world."