Will bring leading U.S. racetracks under one TV network
Betfair Group plc subsidiary TVG has acquired the Stronach Group's HRTV horse racing television network for an initial consideration of $25 million.
Based on TVG's handle a further consideration of up to $47.8 million over a seven-year period will be payable.
Further terms of the deal will see TVG benefit from seven years of television rights to the Stronach Group's Santa Anita, Gulfsteam Park, Golden Gate Fields, Laurel Park and Pimlico racecourses.
The acquisition will allow the company's advanced deposit wagering platform to drive incremental wagering leading to additional advertising and distribution opportunities, said TVG.
The acquisition will additionally offset television fees that Betfair has historically paid to The Stronach Group which last year amounted to approximately $3.4 million.
Breon Corcoran, chief executive officer of Betfair said: "This deal strengthens TVG's position as a significant player in the US horseracing industry, bringing together the US' leading racetracks under a single TV network for the first time.
"The enlarged TVG operation will now show the most exciting racing action globally whilst offering a world-class betting experience. We believe this is a very compelling proposition for our customers".
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