Betfair buys TVG for $50 million

Betfair, the British online bet matchmaking company, has purchased Television Games Network, the U.S.'s largest horse race account-wagering and broadcasting company, for $50 million, according to the companies.

In a release, the companies said that Betfair purchased TVG for $50 million in cash consideration. TVG was owned by Macrovision, which acquired TVG's former parent, Gemstar-TV Guide, in 2008. Macrovision had begun to seek the sale of TVG shortly after purchasing Gemstar.

Betfair, which launched in 2000, operates a website that allows its customers to make bets with other customers. The service is extremely popular in Britain, though the site is not legally available to U.S. citizens because of prohibitions on bookmaking.

TVG's network is available in more than 30 million U.S. households. The company has the largest market share among national account-wagering companies.