Webis signs lease contract with Arizona racetrack

(Sharecast News) - Pool wagering specialist Webis announced on Friday that its primary United States subsidiary WatchandWager has signed a contract with the owners of the Arizona Downs racetrack in Prescott Valley, Arizona.

The AIM-traded firm said the contract was for a commercial lease to operate live harness racing, pari-mutuel wagering and food and beverage operations at the venue, subject only to regulatory approval.

"This is a significant new contract for WatchandWager, augmenting last week's announcement of the extension of its contract to run live harness racing at Cal Expo in Sacramento, California, until 2030," the board said in its statement.

Webis said the contract was for five years to 15 November 2027, with an option to renew for a further five years.

"WatchandWager understands that the Arizona Department of Gaming will consider the provision of regulatory approval, currently expected to be in the summer of 2022.

"Shareholders will be kept up to date with progress on the approval process and the plans for live racing at the new venue."

At 1416 BST, shares in Webis Holdings were up 13.11% at 3.45p.