(Alliance News) - Shares rose in Webis Holdings PLC on Wednesday as its US-based advanced deposit wagering business WatchandWater.com LLC signed an extension with the California Exposition & State Fair for its Cal Expo harness racing operations.
Shares in the Isle of Man-based gaming firm were 16% higher at 1.385 pence on Wednesday in London.
WatchandWager's contract has been extended to the start of May in 2025, and the renewal also include a clause to extend the lease until 2030, should both parties wish to.
WatchandWager has operated live racing at Cal Expo harness racing since 2012, and Webis said the renewal is significant concerning the the recent introduction of regulated sports betting in the state.
"This approval is a significant milestone in WatchandWager's licence presence in the US and the state of California. We believe WatchandWager will continue to run safe and successful race meetings at Cal Expo, which is good for both harness racing fans and the horsemen of the state. At the same time, our commitment to Cal Expo and racing ensure WatchandWager will remain a major stakeholder in the positive expansion of gambling in the state of California for many years to come," said Chief Executive Ed Comins.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Webis (WEB)