Betfair Moves to Online Horserace Betting in USA
Published: Friday, June 26, 2009 Online-Casinos.com
Betfair, has decided it wants in on the US market should it become available soon. The online gambling firm from Europe will make a move into the American horseracing market.
The recently purchased TVG, horseracing television channel, will be relaunched to consolidate the company's stake in the $14 billion usd a year horserace wagering market in the USA. Last January Betfair purchased the TVG network which is available to as many as 32 million viewers in the states. The TVG web site processed $500 million usd in bets last year. It provides at least 15 hours of live sports content everyday. The purchase of TVG by Betfair is the first advance the Brits have made into the US betting services market in the US to date. Betfair pledges to revamp the service and bring horserace wagering in the states, "into the 21st century".
The company has launched a new streaming service, which lets punters watch any race on demand. Gerard Cunningham, president of Betfair USA and head of TVG, said, "We want to be able to offer every single racetrack and have access to every single race. We are broadening the bases,"
With more than two and a half million registered customers and more than half of all new registrations coming from outside the UK and Ireland, Betfair is in a strong position to take advantage of the possible easing of regulations in the states. In the 16 US states where it is legal TVG takes online pari-mutual betting on horseracing. USA horseracing is struggling to compete in the domestic gambling market, making for speculation that a change to the exchange model widely used in the UK will revitalise the industry.
Mr. Cunningham commented, "Betfair is in the US for the long term. We have a legal US business now and as the regulations lighten up, the company is well-placed to take advantage. We are very much in learning mode. We recognise that this is the first step." The web developers were being recruited in Silicon Valley by Betfair's chief technology officer, Tony McAlister. Betfairs workforce is in excess of 1600 people worldwide, managing the 5 million transactions daily.
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