Operating from its Halifax base, Timeform will retain editorial independence and continue much as before, although Betfair will bring capital investment, as well as technology, marketing and communication skills.

Betfair will seek to incorporate some of Timeform’s existing services into its own offering and utilise its resources to develop new products and further extend Timeform’s global brand.

This is an ideal acquisition for Betfair as the world’s leading betting exchange seeks to build its content offering to customers and develop its portfolio of business and investment interests.

Betfair’s Chief Executive Officer David Yu said, “We are delighted to have acquired such a well-known and respected company as Timeform. At Betfair, we make money when our customers strike winning bets and with Timeform being in the business of finding winners too it is the perfect partnership.

“We’re privileged to be entrusted with one of racing’s true heritage brands and I’m excited at the prospect of incorporating Timeform products within the Betfair site as well as developing Timeform’s unique services to make them more widely available.”

Reg Griffin, Chairman of Timeform added: “The partnership with Betfair, a company which shares our principles of integrity and trust, will open new outlets for Timeform's content, securing the brand both at home and internationally.

“In the modern era of technology and new media platforms, this is just the impetus needed to ensure that Timeform continues long into the future and remains the premium brand in horseracing form and ratings.

“Existing users of Timeform are more than customers; many are long-standing members of a fanatical readership which expects the highest standards. Those standards, along with Timeform's editorial independence and impartiality, are part of a rich heritage that will continue much as before.”

Timeform is based in Halifax, West Yorkshire. Its 70 employees are now part of the extended Betfair team but will remain in Halifax.

Timeform was founded in 1948 by Phil Bull, who wanted to establish a mathematical link to a horse's performance, based on the time the horse recorded. It started as a racing annual and evolved into the popular 'Racehorses Of…' series.

The first company acquisition made by Betfair was in November 2005 when it acquired Aglet Technologies, an innovative Danish-based software company, and PokerChamps, a proven global poker platform.