Last checked at 9 Aug 2022 07:00
For immediate release 9 August 2022
Webis Holdings plc
("Webis" or the "Group")
Webis renews Isle of Man gaming license for further five years
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 it has been approved for renewal of its Isle of Man gaming license by the Isle of Man Gambling Supervision Commission ("GSC").
The license is a full license issued by the GSC under the Online Gambling Regulation Act. The license is for five years, due to expire in August 2027.
The Board considers this renewal to be strategically beneficial for the provision of services to the Group's non-US domiciled players. Webis has been the longest standing license holder on the Island, reflecting its excellent track record of regulatory compliance.
A key feature of the license is a focus on consumer protection. Players who gamble with operators licensed by the GSC benefit from a number of protections. One of these is the way players' money is protected. In order for an operator to obtain a license in the Isle of Man, it must agree to protect players' money. Players' money is classed as deposits plus winnings plus any bonuses that have been earned. Webis protects players' money by holding these funds in a segregated bank account kept separately from the Group's other bank accounts and this money cannot be used to support operations, or for any other purpose.
Whilst the main focus of the Group is the continued expansion of its activities in the USA, this license renewal gives the Group flexibility and the ability to grow international business within a credible and well-respected jurisdiction in the sector.
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.
For further information:
Webis Holdings plc Tel: 01624 639396
Katie Errock
Beaumont Cornish Limited Tel: 020 7628 3396
Roland Cornish/James Biddle