Webis Share News (WEB)

(Sharecast News) - Pool wagering specialist Webis Holdings announced on Wednesday that its US-based advanced deposit wagering business, WatchandWager, has been granted a renewal of its license to conduct harness racing at Cal Expo by the California Horse Racing Board, which was planned to run until 25 April 2020.

The AIM-traded firm said that, with the renewal of the Cal Expo license, it was also making shareholders aware that it was in advanced negotiations with the Cal Expo landlord with a plan to obtain a "significant extension" of the contract to operate racing at the track.

It said it believed that the securing of such an extension for its retail operations in California would be beneficial to the company in the long term.

WatchandWager had been operating live racing at Cal Expo since 2012, with the 2019-2020 Cal Expo Harness Racing season set to begin on 9 November, with 47 race dates on Fridays and Saturdays through to 25 April 2020.

Webis said Cal Expo was the only harness racing track in California, with WatchandWager's operation of it described as "vital" to supporting the breed and horsemen in the state.

In addition to the racing, WatchandWager made financial contributions to the California horse industry to promote breeding and racing in the state.

At the same time as its Cal Expo racing license was approved, Webis said WatchandWager was continuing to update and renew "critical" pari-mutuel wagering licenses within the US market.

It recently renewed pari-mutuel wagering licenses to accept wagers from residents of New York and Washington, and it was currently in the process of renewing its key licenses in Kentucky.

"I am confident that all applicable licenses will be renewed for WatchandWager as the company takes regulatory compliance as its highest priority," said WatchandWager president Ed Comins.

"We are pleased to renew our investment in our licenses.

"We believe that they will reap significant dividends for WatchandWager as more states move to authorize sports wagering in the near-future."