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(Alliance News) - Webis Holdings PLC shares jumped on Wednesday after it said its Advanced Deposit Wagering business, WatchandWager.com LLC, received a two-year license approval from the California Horse Racing Board.
Shares in the Isle of Man-based gaming firm were up 8.0% to 1.35 pence each in London on Wednesday morning.
The ADW license renewal from the CHRB is for the years 2023 and 2024. Webis said it allows WatchandWager to continue to accept online pari-mutuel wagers from residents of California on its range of global content.
It explained that the renewal is strategically important as it allows WatchandWager to potentially offer sport betting to California residents when the state legislature passes this into law.
As well as the California license renewal, WatchandWager have renewed, or are in the process of license renewals, in Colorado, Kentucky, Minnesota, New York, North Dakota, and Washington. The company does not expect issues that will "delay or prevent them from being approved".
WatchandWager President Ed Comins said: "We are pleased to receive this key license renewal from the CHRB for WatchandWager. Both our ADW license and our racing license are key assets for WatchandWager, reaffirming the company's presence in in a key state, and they reflect WatchandWager's strong commitment to racing and to regulatory compliance."
By Sophie Rose; sophierose@alliancenews.com
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