Betfair buys US HRTV network for £47m to add to its US TV hoseracing dominanceComments Off on Betfair buys US HRTV network for £47m to add to its US TV hoseracing dominance
The station, bought from racecourse operator Stronach Group, will be combined with Betfair’s current US subsidiary, TVG.
The deal gives it the rights to broadcast all races from Santa Anita, Gulfstream Park, Pimlico, Golden Gate Fields and Laurel Park for seven years, as well as Churchill Downs — home of the Kentucky Derby — which previously had an exclusive agreement with HRTV.
The biggest races in the US calendar — the “Triple Crown” of the Kentucky Derby, Preakness Stakes and Belmont Stakes — are shown on terrestrial television in the States.
Betfair boss Breon Corcoran said: “This deal strengthens TVG’s position as a significant player in the US horseracing industry, bringing together the US’s leading racetracks under a single TV network for the first time.”
Peel Hunt analyst Nick Batram said: “The deal makes strategic sense and will boost the group’s US racing business.
“In the grand scheme of things it doesn’t really move the dial, but nonetheless does show that Betfair is willing to use its balance sheet when the appropriate opportunity presents itself.”