10/15/2013 5:32PM

TVG CEO Burn resigns, no replacement named

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Stephen Burn, the chief executive officer of Television Games Network since 2010, resigned his position in September and a replacement has not yet been named, according to an official for the company.

The resignation was first reported by the Paulick Report. John Hindman, a TVG vice president, confirmed the report late on Tuesday, and said that Burn is “still consulting to the CEO of Betfair on strategies related to TVG” despite the resignation.

Burn was appointed chief executive of TVG one year after Betfair, a British exchange-wagering company, bought the broadcaster and account-wagering company in 2009. He was previously the network’s director of horse racing, and he had served in several other capacities for Betfair since 2003.

Hindman said he could not comment on the reason for Burn’s decision or the status of the search for a replacement. Calls to TVG’s communications staff were not returned on Tuesday.

During Burn’s tenure, Betfair lobbyists pushed for the adoption of legislation in several states to allow exchange wagering. Two states, California and New Jersey, legalized the practice, but in both states, horsemen have yet to reach agreements with Betfair over compensation from wagering, a requirement under the laws to launch an exchange-wagering platform.

Also during his tenure, TVG lost its status as market leader among national account-wagering companies due to the rapid expansion and growth of twinspires.com, which is owned by Churchill Downs. Churchill is also a part-owner in TVG’s television competitor, HorseRacing TV.

TVG remains the second-largest account-wagering company in the United States. According to Betfair’s annual report, revenue for the company in fiscal year 2013 was $58.1 million, up 5 percent from fiscal year 2012, when revenue was $55.4 million. The report also said that TVG had positive EBITDA “for the first time” in 2013. EBITDA is earnings before interest, taxes, depreciation, and amortization.