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 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.
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.
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.
Betfair Group on May 14 announced the appointment of Kip Levin as the new chief executive officer of its U.S. businesses comprising TVG and Betfair Casino.
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.
- 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.
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