Last checked at 23 Nov 2022 07:00
Webis Holdings plc
("Webis" or the "Group")
23rd November 2022
WatchandWager renews key California license
Strategic multi-jurisdictional license approved, plus many other states
The board of Webis, the Group specialising in pool wagering and the operators of WatchandWager Cal Expo, the Californian harness track, is pleased to announce that its Advanced Deposit Wagering ("ADW") business, WatchandWager.com LLC ("WatchandWager") received its two-year license approval from the California Horse Racing Board ("CHRB") on Tuesday 22nd November.
The ADW license renewal from the CHRB is for the years 2023-2024, and it allows WatchandWager to continue to accept online pari-mutuel wagers from residents of California on its range of global content. The license renewal from the CHRB is strategically important to the company, not only for its access to the biggest population in the United States and one of the largest economies in the world, but also for the potential of offering sports betting to California residents when the state legislature passes this into law. As shareholders are aware, the license sits alongside our long-term lease of the Cal Expo racetrack, adding an important physical, as well as on-line, presence in the state.
In addition to the California license renewal, WatchandWager executives have renewed, or are in the process of license renewals, in Colorado, Kentucky, Minnesota, New York, North Dakota, and Washington. The company does not foresee any expected issues that would delay or prevent them from being approved.
The California license renewal coincides with the start of the season of harness racing at WatchandWager Cal Expo, which commenced on Friday, 18th November. WatchandWager has operated a harness racing meet at the Sacramento track since 2012, and the company has an agreement with the track's landlord for racing through the year 2030. The only harness racing track in California, WatchandWager Cal Expo will host racing through to 30th April 2023.
Ed Comins, President of WatchandWager, commented:
"We are pleased to receive this key license renewal from the CHRB for WatchandWager. Both our ADW license and our racing license are key assets for WatchandWager, reaffirming the company's presence in in a key state, and they reflect WatchandWager's strong commitment to racing and to regulatory compliance. We look forward to growing the WatchandWager brand in California, and the strategic advantages that it provides."
For further information:
Webis Holdings plc Tel: 01624 639396
Denham Eke
Beaumont Cornish Limited Tel: 020 7628 3396
Roland Cornish/James Biddle
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.