WatchandWager seals multi-year HKJC deal

WatchandWager seals multi-year HKJC deal

Monday, September 15, 2014 Totally Gaming

WatchandWager.com, the California-based wagering operator, has struck a two-year extension to provide access to the Hong Kong Jockey Club’s pari-mutuel pools.

The agreement with the club’s subsidiary, HKJC Horse Race Betting, will cover the 2014-15 and 2015-16 seasons. The new season started yesterday (Sunday) and will run through to July.

The wagering operator, which is owned by Webis Holdings, said that the “financial impact to WatchandWager operations from this deal is expected to be significant”. TotallyGaming.com understands that the contract will be worth at least £1m (€1.3/$1.6m) to WatchandWager.

“From WatchandWager’s point of view it’s a huge deal,” a source told TotallyGaming.com.

“The volume is massive and there will be a significant impact on the bottom line.”

The multi-year renewal was agreed after WatchandWager linked up with the Hong Kong Jockey Club in March for the closing weeks of the 2013-14 season. The initial partnership “proved to be a success, both technically and commercially for both parties,” according to WatchandWager.

“Racing in Hong Kong offers integrity, consistent field sizes and the huge pool liquidity that many of our customers are seeking,” WatchandWager president Ed Comins said. “We expect a great season of racing at Sha Tin and Happy Valley for our players.”

In July, Webis confirmed that it would commit further financial resources to its deposit wagering subsidiary after WatchandWager registered “good turnover growth” in the 12 months through to May 31.

Webis said that it would invest in staff recruitment and platform improvements at WatchandWager. “The board is confident that this additional investment expense will translate into enhanced profitability in the near term, justifying the commitment to compliant operations in regulated jurisdictions,” Webis said in July.

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