WatchandWager races ahead through Washington license

WatchandWager races ahead through Washington license

Monday, August 17, 2015 Totally Gaming
Ed Comins sees the US state as a rapidly growing market

Webis saw its share price up more than 13 per cent today after subsidiary WatchandWager (W&W) said it had added Washington to the US states in which it offers advanced deposit wagering (ADW).

Awarded by the Washington Horse Racing Commission (WHRC), the ADW licence allows W&W to become one of just five operators than can accept online pari-mutuel wagers on horseracing in the state.

W&W already offers ADW in 28 other states, including California, Florida, Ohio and Pennsylvania, and Ed Comins, president of W&W, said that the company was keen to add a jurisdiction that includes a population of more than seven million and includes major cities such as Seattle.

“The fact that it is a state with an increasing population and a rapidly-expanding ADW market makes it an excellent business opportunity for W&W,” Comins said.

“We look forward to providing residents with the best racing and content available, while supporting the state's racing industry through fees paid to racing associations, horsemen's groups, and the WHRC.”

As required by the WHRC, W&W has lodged a surety bond to the state in order to protect player balances and has also agreed to pay source market fees to the state’s only thoroughbred racetrack, Emerald Downs. Source market fees will be reinvested into the racing industry in the form of purses for horseman and revenue to racetracks.

A company statement read: “The approval is significant because the state's ADW market continues to grow at a steady pace. In its most recent annual report issued in February 2015, the WHRC indicated that residents wagered $61.7m (€55.6m) in 2014, a growth of 20 per cent on prior year.

“With approximately 77 per cent of the current population of legal age to place a wager, the license, one of only five, potentially expands W&W’s market by an additional 5.4 million people.”

Webis had group turnover of $142.5m in 2014, which was an increase of 14.6 per cent on the previous year.

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