RE: Jim mellon25 Feb 2021 10:12
It cannot have gone unnoticed to shareholders and observers alike that the sustained growth of USA licensed expended gambling is the hottest subject in the global industry. In that regard, Webis and our principal subsidiary WatchandWager, remain very well-positioned as a licensed operator in many states, and of course in California. Almost all factors are in our favour with legislation passing or on the verge of passing in many key states, as updated almost daily both in trade and financial media. At the same time, many major large multi-national gambling entities continue to search for merger or acquisition of key assets in the USA. This is compounded due to the ongoing downturn in the industry, in the UK, where the affordability review is a very real threat to non-USA players, unlike our operation. On top of that the unfortunate economic impact of Covid-19 and other natural disasters has hastened the need for more taxes and duties in states, especially in California.
It now seems a certainty that more and more states will continue to legalise sports betting in the next two years, including California, the most complex but lucrative state. As a result, the Board believes that now is the time to escalate our plans to take advantage of our position. As a relatively small but well positioned company, we will upgrade our profile on several levels. This includes to reviewing and improving our Board structure, especially in the USA, plus increasing our presence in California and our overall profile in the industry. One key factor is educating the decision-makers and regulators to understand the fiscal benefits of including mobile wagering within retail operations.
Overall, we consider the company to be undervalued on key metrics and our potential for growth it is important that now we "fight above our weight' to make the industry aware of this. We will keep shareholders fully informed of developments in our exciting future strategies.
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