WatchandWager secures temporary California contract extension

WatchandWager secures temporary California contract extension

Friday, November 30, 2018 Posted by News Team
Horse Racing
Webis subsidiary now confident of securing long-term extension

Webis Holdings’ board says it is confident that its advance deposit wagering (ADW) business WatchandWager will be awarded a long-term licence in California after being granted a three-month extension.

The extension, granted by the California Horse Racing Board (CHRB), means WatchandWager will be able to continue allowing customers in the state to bet on horse racing until February next year. This will be followed by a full renewal hearing that month, at which point Webis expects to be granted an extension until December 2020.

"CHRB's unanimous decision reflects WatchandWager's strong commitment to Californian racing and its operation of a physical racetrack at Cal Expo,” Webis explained. 

The operator said that WatchandWager’s California licence was strategically important, with the state’s population the largest in the US and its economy the fifth-largest in the world. 

As well as being a key driver of revenue for the business, Webis noted that the subsidiary would be in a strong position to offer sports betting, should the vertical be legalised in the state. 

"We are pleased to receive the important license extension in California and look forward to working with them to increase taxes payable to the State and our statutory charitable contributions,” WatchandWager president Ed Comins said. 

“In addition to the tax revenue generated from wagering, WatchandWager strongly promotes the sport of horse racing in the state,” he continued. “We also look forward to growing our California market share while positioning WatchandWager within the fast-growing US-licensed sports betting market."

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