03/05/2015 11:54AM

TVG posts higher revenue in most recent quarter


Revenue from Television Games Network was up 17 percent in the third quarter of fiscal year 2015 compared with the same quarter last year, according to TVG’s parent company, Betfair.

Although Betfair did not disclose an exact revenue figure for TVG, the company said that total revenue from its U.S. operations, which includes an online casino in New Jersey, was $20.5 million in the third quarter, compared with $15.8 million in last year’s third quarter, an increase of 30 percent.

Betfair is based in Britain and runs the largest exchange-wagering platform in the world. Its third quarter ended Jan. 31, several weeks prior to the company reaching a deal to buy TVG’s live-broadcast competitor, HRTV. Betfair paid $25 million initially for HRTV, and the company expects to pay an additional $48 million over the next seven years in rights fees for signals from tracks owned by HRTV’s parent, The Stronach Group.

In total, Betfair had $174.2 million in third-quarter revenue from all of its operations, including Betfair U.S. That figure was 20 percent higher than the comparable quarter last year.

The company did not disclose a net-income figure for the quarter.