Webis subsidiary scores California online betting approvals
News on 11 Jan 2014
News on 11 Jan 2014
Webis Holdings subsidiary WatchandWager.com and the operators of Cal Expo, a Californian harness track, have announced the award of contractual approval from the Thoroughbred Owners of California to allow California residents to wager on thoroughbred racing taking place across the USA, and also all international jurisdictions for which it has the rights.
The approval follows WatchandWager’s successful acceptance by the California Horse Racing Board as a licensed Advanced Deposit Wagering company throughout 2014.
The announcement sent Webis shares on the London exchange soaring over 20 percent Friday as investors piled in on the good news.
The agreement opens up a new pool of potential customers for WatchandWager, which can now accept Californian wagers on thoroughbred content through its website.
The agreement involves a statutory $50,000 one-off payment to the California Purse Fund – a contribution to prize money – and also ensures that a percentage of all bets placed by Californian residents directly benefits Californian Racing, in direct compliance with Californian statute.
The deal may also be subject to certain separate track group and media agreements, but WatchandWager is confident these will be in place over the coming months.
In order to support this initiative, WatchandWager has committed a substantial sum to marketing Californian Racing – thoroughbred, quarter horse and its own standard-bred product at Cal Expo.
The main marketing activity is expected to commence early in Q2 2014, and should lead to a significant increase in California player registrations and handle within its core US market.
Ed Comins, president of WatchandWager.com LLC, said: “Being approved by the TOC really is a big deal for WatchandWager.
“The California Racing market has been dominated by only three main ADW providers, and we are grateful to the TOC and CHRB in recognizing our investment, and wielding its influence to allow us into the market.
“For WatchandWager to be approved and operating as a first mover in the Golden State, will not only positively impact our business as a licensed Advanced Deposit Wagering operator, but also put WatchandWager in a very attractive strategic position as the debate regarding online poker is widely expected to hot up in California early this year. “
