Betfair, the world leader in betting exchange technology and owner of U.S.-based advance deposit wagering platform and racing channel TVG, reported a loss of US$75.4 million in its annual report.
Multiple European financial news outlets are reporting private equity firm CVC Capital Partners has ended a $1.5-billion effort to purchase Betfair.
Private equity firm CVC Capital Partners acknowledged Monday, April 15 that it is considering purchasing Betfair, the world's largest betting exchange.
Implementation of exchange wagering in California will be delayed for several months after the state's Office of Administrative Law rejected provisions approved earlier this year by the California Horse Racing Board.
- By Frank Angst
Improved handle failed to translate to increased revenue at advance-deposit wagering company TVG Network during the three-month period ending Jan. 31.
A foal crop that has declined 22% in five years is making it tough in Britain to maintain a strong racing product.
Tony Allevato, one of the most senior members of the TVG management team, was dismissed Feb. 19, according to a source familiar with the company, as part of a restructuring plan.
The California Horse Racing Board Nov. 15 approved the wagering platform that allows players to buy and sell, "back" or "lay" wagers.
The CHRB could give its final approval to exchange wagering rules Nov. 15 when it meets at 9:30 a.m. PST in the Sunset Room at Betfair Hollywood Park.
The projections follow an Oct. 24 agreement in which the three largest bookmakers: William Hill, Ladbrokes, and Gala Coral, agreed to guarantee that their combined contribution will be at least $72.5 million.
Rules governing exchange wagering gained initial approval from the California Horse Racing Board at its meeting Sept. 20, more than a year after the commission had announced its intention to promulgate them.
The wagering firm Betfair and British Racing, comprised of the British Horseracing Authority, the Racecourse Association, and the Horsemen's Group, have signed a landmark five-year commercial agreement.
Lenny and Steve discuss the Rebel, the end of 'Luck', Betfair, and fatalities at Aqueduct. Sponsored by Darby Dan Farm. Watch Video
The international exchange wagering company promises to upgrade the racetrack and woo younger fans through social media and innovative promotions.
A test model of the first exchange wagering system proposed for the United States will be demonstrated at the University of Arizona Symposium on Racing & Gaming in Tucson beginning Dec. 6.
Total pari-mutuel wagering on the Nov. 4-5 Breeders' Cup World Championships at Churchill Downs was at least $183 million, according to the latest figures released by Breeders' Cup.
Betfair, the largest operator of exchange wagering in the world, admitted it did not inform its customers that details of millions of credit cards were stolen in a 2010 cyber attack, the UK Press Association reported.
Betfair chief executive officer David Yu said he will not seek to renew his contract with the exchange wagering company when it expires in October 2012.
Eclipse Award-winning writer Bill Finley looks at the growth of exchange wagering through the creation of the international gaming giant Betfair. Download Report
A study commissioned by the TVG network has concluded that "exchange wagering provides an important option to grow the audience and participation in the sport in the U.S."
As it has for the past two seasons, Del Mar again will offer 42 stakes races over the course of a 37-day summer meet that runs from July 20 through Sept. 7.
Exchange wagering was a hot topic during the annual conference of the Association of Racing Commissioners International in New Orleans, as the need for strong regulatory guidance and preventative action was stressed.
TVG has eliminated 20 positions, including some of those held by on-air racing analysts, in what was termed a "streamlining" move by the company owner, British-based Betfair.
Eight entities have submitted bids to lease and operate Monmouth Park over a five-year period beginning June 1.
Interest in super mare Zenyatta and this year's Breeders' Cup World Championships second day Nov. 6 propelled TVG to a record day, with more than $7.8 million in wagering.
People want convenience, low prices, and a game that is easy to learn and play; exchange wagering fits that description. Read Blog
California legislation increasing the takeout rate for exotic wagers beginning this winter and making the state the first in the nation to approve exchange betting was signed by Gov. Arnold Schwarzenegger Sept. 23.
The world's largest online sports wagering company announced Sept. 21 its plans to be listed on the London Stock Exchange.
California legislation that would redirect perhaps as much as $70 million from winning bets to purses and make the state the first in the nation to approve head-to-head wagering on horse races gained approval Aug. 31.
A compromise has apparently been reached that would forestall the implementation of exchange betting until at least 2012, according to the Pasadena Star-News.
A bill that would not only increase takeout on exotic wagers in California but also introduce "exchange wagering" to the state has drawn opposition within the racing industry.
Fred Pope discusses the rise of bet takers, which pull more money from purses than slots push in. Read Blog
Struggling as it never has before, the California horse racing industry went to the State Capitol in Sacramento March 4 looking for some answers. And surprisingly, racing seemed to get a warm reception.
- By Tom LaMarra
Betfair, operator of the Great Britain-based betting exchange and owner of TVG, wants to work with the United States pari-mutuel industry to expand wagering opportunities, a top official with the company said Dec. 8.
Thoroughbred horsemen plan to meet with Betfair officials Dec. 7 to ensure they are party to contracts the Great Britain-based company is signing with United States racetracks for their content.
Through Nov. 8, the all-sources handle for the recent Breeders' Cup World Championships exceeded $150.2 million. The total does not include an estimated $24.75 million in exchange wagering handled by Betfair.
The Breeders' Cup and Betfair Group Limited announced Oct. 22 that they have reached an agreement permitting common-pool wagering on this year's championshp day races Nov. 6-7 during the Oak Tree at Santa Anita meet.
- By Tom LaMarra
If the horseracing industry fails to make voluntary changes it has resisted for decades, the only things that may save it from doom are involuntary changes brought on by forces in the gambling and entertainment marketplace, officials said Oct. 13.
Scientific Games Racing, a division of Scientific Games Corporation, has announced that it has reached an agreement to provide Betfair Games Limited with services and technologies to allow all Betfair account holders to view race and pool data and wager into North American pari-mutuel tote pools, with approval of relevant regulatory authorities.
Online wagering companies TVG and Betfair have pledged an additional $400,000 to the New York Racing Association to invite Rachel Alexandra and Zenyatta to participate in the Beldame Stakes (gr. I) at Belmont Park Oct. 3.
TVG announced June 8 an agreement with TrackNet Media Group that allows its affiliated Web sites -- TwinSpires.com and XpressBet.com -- to accept online wagers on TVG-exclusive racetracks.
Led by strong performances from Twinspires.com and Youbet.com, collective handle for the four largest domestic advance deposit wagering platforms increased by roughly 15% in the first quarter of the year, while their overall share of the national betting pie grew by more than 2%.
Betfair wants to establish a worldwide betting exchange that includes the United States, but will focus its U.S. efforts for now on strengthening its newest acquisition, the TVG horse racing network, an official with the London-based wagering conglomerate said recently.
TVG said April 24 it will make good on winning wagers that were canceled due to a now-resolved dispute the horse racing network had with Hollywood Park.
British-based Betfair Group, which announced Jan. 27 it had completed its acquisition of TV Games Network from Macrovision for $50 million in cash consideration, is hopeful its new holding helps it make inroads in the United States market, which it has courted for years.
British-based Betfair Group Ltd. announced Jan. 27 that it had completed its acquisition of the TV Games Network from Macrovision for $50 million in cash consideration.
Betfair annouced Dec. 3 it has worked out a five-year sponsorship deal with Royal Ascot.
Tattersalls plans to start offering online bidding for all sales at its Park Paddocks site in Newmarket, England.
Betfair, the Great Britain-based online betting exchange, continues to negotiate with officials in the United States and is inching closer to a deal by which it would compensate horsemen for use of their product.
European top jockey Kieran Fallon, banned from racing for 18 months by the French racing authority, was denied his appeal of the sentence which was issued after a failed drugs test, the Racing Post reported Feb. 8.
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