For the first time exchange wagering will be available in the U.S. when Betfair U.S. launches a platform for New Jersey residents May 10.
With final court approval of the $7.2 billion deal in place, the merger of bookmaker Paddy Power and betting exchange Betfair became official Feb. 2.
Betfair has become the first betting entity to agree to a new three-year funding arrangement designed to generate more purse money for British racing as an Authorized Betting Partner.
The New Jersey Racing Commission has issued an exchange wagering license to the New Jersey Sports and Exposition Authority through its agent Betfair US and manager Darby Development.
Betfair credits some of the growth in its U.S. operations during the first six months of its fiscal year to its advance-deposit wagering outlet and racing channel TVG purchasing rival racing channel HRTV.
Betfair, the exchange wagering giant and owner of U.S. advance-deposit wagering company and racing channel TVG, plans to merge with Paddy Power to become one of the world's largest public online betting and gaming companies.
In its fiscal year financials filed June 17, parent company Betfair reported a strong year for its U.S. advance deposit wagering operation and racing channel, TVG.
Triple Crown winner American Pharoah is pegged at 3-5 odds with Television Games Network and parent company Betfair to stand for a fee between $175,000 and $200,000 during his first season at Coolmore's Ashford Stud.
Behind a strong quarter that saw 17% revenue growth at its New Jersey online casino, compared with the same quarter a year ago, Betfair reports a 25% revenue growth in its U.S. operations for the three months ended Jan. 31.
The chief executive officer of TVG, on the heels of the announcement owner Betfair has purchased rival HRTV from The Stronach Group, said Feb. 18 the company plans to maintain both networks and market them accordingly.
Betfair and The Stronach Group announced Feb. 18 that TVG will assume operations of HRTV, bringing together the two competitors that televise North American and some international horse races.
Citing its mobile channel as a key driver, Betfair reports that its U.S.-based advance deposit wagering company TVG enjoyed a 15% spike in handle for the six months ended Oct. 31.
Like its parent company Betfair, TVG enjoyed a strong 12 months for the fiscal year ended April 30, according to financials released June 11. TVG saw handle increase 33% to $74.76 million.
Panels discussed a broad range of topics, fsuch as community impact, the international movement of horses, the future landscape for wagering (and regulation of wagering), and fair competition through drug control. read blog
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.
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