UK betting exchange Betfair has announced that it has purchased the TV Games Network (TVG) from Macrovision Solutions Corporation for $50 million.

In TVG, Betfair is acquiring an entity that is official TV and interactive wagering partner of the National Thoroughbred Racing Association, aka the NTRA, and according to a press release, "the most widely-distributed horseracing networks in the world and is also a leading provider of advance deposit wagering services in the U.S."

The acquisition is a good investment, according to a number of Betfair executives, and will give the company an opportunity in the U.S. market.

"We have always been attracted by the operating strength of TVG together with its conservative and prudent regulatory approach," said Betfair CEO David Yu.

"Its values are very much aligned with those of Betfair."

"We have waited to enter the U.S. market until we had a high quality, and above all, legal product offering, and we believe with this acquisition we have secured those goals."

"We are tremendously excited to be the new owners of TVG and look forward to building upon the worldwide experience of Betfair to help grow the business," said president of Betfair U.S., Gerard Cunningham.

"We believe TVG to be the premium product in the sector, with exceptional staff and loyal customers, and we look forward to working with the horseracing industry to help promote this great sport."