Webis Holdings PLC WatchandWager renews key California license (8091Q)

TIDMWEB

RNS Number : 8091Q

Webis Holdings PLC

22 February 2019

Webis Holdings PLC

("Webis" or the "Group")

WatchandWager renews key California license for 2019-2021

Strategic ADW multi-jurisdictional license approved

The board of Webis, the Group specializing in pool wagering and the operators of WatchandWager Cal Expo, the Californian harness track, is pleased to announce that, further to the three month extension granted at the end of November 2018, its Advanced Deposit Wagering ("ADW") business, WatchandWager.com LLC ("WatchandWager") received its two-year license approval from the California Horse Racing Board ("CHRB") on 21(st) February 2019 in California.

The two-year ADW license renewal from the CHRB is for the years 2019-2021, and it allows WatchandWager to continue to accept online pari-mutuel wagers from residents of California. With over 39 million residents and ranked the fifth largest economy in the world, California is an increasingly important market for WatchandWager, both strategically and in terms of player numbers. Its long tradition as a premium center of horse racing makes it a rich source of horse players, and potentially sports bettors.

The two-year license renewal from the CHRB is strategically important to WatchandWager as the state legislature considers bills legalizing sports wagering in the state of California. The current Adam Gray (Democrat) sponsored Sports Betting Bill is now approaching the Committee stage, in Sacramento. Whilst there will be a process to go through in California, it seems highly likely that Sports Betting will be approved, given the initial success in other states and the tax benefits from regulated gaming. When approved, WatchandWager's status as a licensed track operator and racing association in the state, would allow it to be one of the few companies to legally accept sports wagers from California residents, both on-line and at the Cal Expo track facility.

Ed Comins, President of WatchandWager commented: "We are pleased to receive this license renewal from the California Horse Racing Board for WatchandWager for the next two years. These are very dynamic times in the racing and gaming industry in the USA, and we look forward to being ready to offer sports wagering to California residents as it is approved by the legislature. Our license to accept on-line wagers in California and at our physical racetrack operation, are a tremendous asset to the company"

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For further information:

 
 Webis Holdings plc Tel: [phone]   Beaumont Cornish Limited Tel: [phone] 
  Denham Eke                             Roland Cornish/James Biddle 
 

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February 22, 2019 02:00 ET (07:00 GMT)