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(Alliance News) - Webis Holdings PLC on Thursday said it has agreed a USD500,000 loan on behalf of its wholly-owned subsidiary Watch & Wager Inc.
The gaming firm said the loan, secured from Galloway Ltd, will be used to support Watch & Wager's pending applications for physical and on-line licenses in the US state of California. It added that it believes that licensed sports betting will be introduced in California, possibly as soon as 2021.
Webis also said that part of the loan will be used to develop and market Watch and Wager's website.
The loan has an interest rate of 7.0% with a five-year term.
Separately, the Isle of Man-based company said it business continues to operate efficiently amid the Covid-19 outbreak, adding that its racetrack at Cal Expo continues to operate with the approval of regulators with only licensed personnel present.
Webis shares closed 24% higher at 1.05 pence each on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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