Online betting and gaming firm Betfair has bought the TV Games Network (TVG) from US company Macrovision Solutions Corporation for $50m.

The deal brings Betfair into the US market for the first time.

TVG is the official television and online betting partner of the US horse racing body the National Thoroughbred Racing Association.

'We have waited to enter the US market until we had a high quality, and above all, legal product offering, and we believe with this acquisition we have secured those goals,' said Betfair CEO David Yu.