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Betfair takes a £35m punt on American racing channel

28 January 2009

LONDON, England -- As reported by The Guardian: "Betfair, the internet betting exchange which matched its first bet less than 10 years ago, took a huge stride into the American racing and betting markets yesterday when it purchased the racing television channel TVG for $50m (£35m).

"TVG covers racing from 70 tracks in 16 states, including the major racing centres of Kentucky, California and New York. It also accepts bets from residents of those states, dividing the profits with the racecourses concerned, which include Churchill Downs, the home of the Kentucky Derby, Santa Anita, Belmont Park and Saratoga.

"Betting in the US is strictly regulated, and its gambling market has previously been considered off-limits for British betting firms. Betfair has no plans at present to introduce its exchange model of betting into the American market, but will expect to use its cutting-edge betting technology to improve the pari-mutuel service to TVG clients..."

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