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Webis Holdings PLC (WEB)

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Wednesday 28 August, 2019

Webis Holdings PLC

WatchandWager Renews Key USA Licenses

RNS Number : 3306K
Webis Holdings PLC
28 August 2019
 

FOR IMMEDIATE RELEASE:

Webis Holdings plc

("Webis" or the "Company")

WatchandWager Renews Key USA Licenses

 

The board of Webis, the Group specialising in pool wagering and the operators of Cal Expo, the Californian harness track, is pleased to announce that its US-based Advanced Deposit Wagering business, WatchandWager.com LLC ("WatchandWager") has been granted a renewal of its license to conduct harness racing at Cal Expo by the California Horse Racing Board, which is planned to run till 25th April 2020.

 

With the renewal of the Cal Expo license, the Board is also making shareholders aware that the Company is in advanced negotiations with the Cal Expo landlord with a plan to obtain a significant extension of the contract to operate racing at the track.  The Board believes that the securing of such an extension for its retail operations in California will be beneficial to the Company in the long term.  Further details will be released in the coming months.

 

WatchandWager has been operating live racing at Cal Expo since 2012.  The 2019-2020 Cal Expo Harness Racing season will begin on Saturday, 9 November 2019 and will run 47 race dates on Fridays and Saturdays through Saturday, 25 April 2020.   Cal Expo is the only Harness Racing race track in California, and WatchandWager's operation of it is vital to supporting the breed and horsemen in the State.  In addition to the racing, WatchandWager makes financial contributions to the California horse industry to promote breeding and racing in the State.

 

At the same time as its Cal Expo racing license has been approved, WatchandWager continues to update and renew critical pari-mutuel wagering licenses within the US market.  WatchandWager recently renewed pari-mutuel wagering licenses to accept wagers from residents of New York and Washington, and the Company is currently in the process of renewing its key licenses in Kentucky. 

 

WatchandWager president Ed Comins believes the company's commitment to integrity and the rules enhance its ability to obtain renewals and position it well for future growth.

 

"I am confident that all applicable licenses will be renewed for WatchandWager as the Company takes regulatory compliance as its highest priority," Comins said.  "We are pleased to renew our investment in our licenses.  We believe that they will reap significant dividends for WatchandWager as more states move to authorize sports wagering in the near-future."

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

For further information: -

 

Webis Holdings plc

Beaumont Cornish Limited

Denham Eke

Tel:  01624 639396

Roland Cornish/James Biddle

Tel: 020 7628 3396

 

ENDS


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