Webis welcomes US Supreme Court decision

RNS Number : 1925O

Webis Holdings PLC

16 May 2018

 

7.00am 16 May 2018

Webis Holdings plc

("Webis")

Webis welcomes US Supreme Court decision

enabling Sports Wagering

US subsidiary WatchandWager, well positioned with US licensed racetrack and gaming infrastructure, actively seeks partners in anticipation of State legislation approvals

The Board of Webis, specializing in licensed pari-mutuel pool wagering and the operators of WatchandWager Cal Expo - the Californian harness track, welcomes Monday's landmark Supreme Court ruling which paves the way to legalizing wagering on sports in the United States, subject to individual State legislation.

While the ruling will not have an immediate impact on revenue levels until individual State legislation is in place, the Board considers the announcement as a positive boost for our US operations. Draft legislation is in preparation in up to seventeen US states, most importantly including California, which dwarfs the other states in terms of population and gross domestic product.

WatchandWager has been the licensed operator of WatchandWager Cal Expo Racing in Sacramento, California since 2014.  It is one of the few Advance Deposit Wagering ("ADW") companies to conduct both live pari-mutuel racing and on-line wagering services.  Significantly, California's draft Sports Betting Bill specifies that only land-based racetracks and casinos will be eligible for license applications. In the United States, WatchandWager holds ADW licenses not only for California, but also for North Dakota (providing regulated access to a total of 28 states), together with individual State licenses for New York, Kentucky, Colorado, Minnesota and Washington.

WatchandWager's President, Ed Comins comments: "We are very excited about the likely legalization of sports wagering in the United States. We have always believed that sports wagering would eventually come out of the shadows. As a reputable, licensed, and well-regulated company with a unique US land-based and on-line presence, WatchandWager can only benefit from this decision.  As a result, we now seek partnerships with proven gaming software and other established operators in the anticipation that individual State legislation will receive approval."

Ends

For further information:

Webis Holdings plc                         Tel:        [phone]

Denham Eke

Beaumont Cornish Limited         Tel:        [phone]

Roland Cornish/James Biddle

 

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