Isle of Man internet betting company enters US market
News on 9 Sep 2010
News on 9 Sep 2010
The Isle of Man-based online gambling group Webis Holdings plc has lodged a stock exchange notification advising that its pari-mutuel subsidiary, European Wagering Services, has acquired the domain name, trademark and assets of WatchandWager.com LLC, an online betting company registered in Nevada and licensed by the State of North Dakota Racing Commission. The advisory notes that the consideration paid was $100 000 in cash.
As part of the acquisition, the North Dakota Racing Commission has also granted formal approval for:
* EWS and WAW to conduct pari-mutuel account deposit wagering in the US, subject to state by state legislation, under the licence held by WAW;
* WAW’s existing gaming licence to be extended to include business derived from EWS’ current principle website Link2bet.com and all of its associated own brand wagering platforms; and
* EWS to commence business operations and process pari-mutuel turnover under the NDRC licence with immediate effect.
A statement from Webis notes that the acquisition is part of the company strategy to develop further its presence within the US horseracing and pari-mutuel wagering industry.
EWS is now progressing with plans to establish a permanent sales and marketing operation in the US.
Ed Comins, the Group’s Pari-mutuel Operations Director, will continue to lead EWS’ operations in Europe and the further development of WAW.
Commenting on the acquisition, Comins said: “WatchandWager will significantly enhance EWS’ presence and ability to develop effectively its sales and marketing strategy within the US pari-mutuel horseracing industry. An “on the ground” US gaming licence and business operation also provides EWS with a significant first mover advantage in the US on-line betting and gaming market place.”
