(Alliance News) - Webis Holdings PLC on Wednesday said its WatchandWager.com LLC business has had its Cal Expo harness racing licence renewed, and the firm is looking to extend its contract to operate racing at the track.
Shares in Webis were up 6.8% at 1.18 pence in London in morning trade.
WatchandWager is Webis's advanced deposit wagering business and is based in the US. The licence renewal was granted by the California Horse Racing Board and is set to run until April 2020.
Wagering firm Webis also is in advanced negotiations with the Cal Expo landlord with a view to agreeing "a significant extension of the contract to operate racing at the track". The retail operations extension is expected to bring a long-term benefit to the company.
Further details are due "in the coming months".
WatchandWager has operated live racing at Cal Expo since 2012 and the upcoming harness racing season starts November 9, running through to April 25 next year.
Ed Comin, president of WatchandWager, said: "I am confident that all applicable licenses will be renewed for WatchandWager as the Company takes regulatory compliance as its highest priority."
"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."
Webis (WEB)