California Betting Licence

RNS Number : 6785J

Webis Holdings PLC

19 July 2013

 

19th July 2013

WEBIS HOLDINGS PLC

("Webis" or "the Group")

WatchandWager.com LLC secures California gaming licence

The board of Webis, the Group specialising in the provision of sports betting, pool wagering and the operators of Cal Expo, a Californian harness track, announces that its wholly owned subsidiary, WatchandWager.com LLC ("WatchandWager"), based in San Francisco, California, has received approval for a multi-jurisdictional Advanced Deposit Wagering ("ADW") licence by the California Horse Racing Board ("CHRB") which allows for wagering from California residents on the WatchandWager.com platform.

The licence was formally approved by the CHRB at its public meeting on 18^th July. This licence allows WatchandWager.com to accept wagers from Californian residents on all content for which it has agreements with the host track and the particular racing breed. By virtue of WatchandWager's licenced operation at Cal Expo in Sacramento, agreements are already in place for standardbred racing. Now that the licence has been formally approved, agreements with thoroughbred and quarter horse racing content providers will be sought. By statute, licenced wagering may commence on 6^th September 2013, 90 days from the formal application date.

WatchandWager.com is the first ADW to be granted a new operational licence in California by the CHRB in more than five years and will be only the fourth operator that can legally take bets from Californian residents. The CHRB has a heavy emphasis on compliance and wagering integrity and the granting of a licence is testament to the significance that WatchandWager.com places on these issues. In due course, the board believes the financial impact of the Californian licence will be significant in terms of player numbers, reputation and leverage.

Ed Comins, Pari-Mutuel Operations Director at Webis, said: "It is fantastic to break into the Californian market. WatchandWager will have access to a population of more than 38 million people and one of the strongest economies in the world. This licence approval also represents another significant step forward in our overall US development strategy and is evidence of the status we now have as a business to be accepted by regulatory bodies as prestigious as the CHRB. WatchandWager has established itself as a substantial US licenced operator, with a firm foothold in the US gaming market, with opportunity for upwards leverage on both a federal and state basis."  

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For further information, please contact: Webis Holdings plc
Garry Knowles, Managing Director	[phone]
Sanlam Securities UK Limited
David Worlidge	[phone]
Britton Financial PR
Tim Blackstone	[phone]

 

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