The board of Webis, the Group specializing in pool wagering and the operators of WatchandWager Cal Expo, the Californian harness track, is pleased to announce that its principal USA based subsidiary WatchandWager.com LLC (“WatchandWager”) on Friday, March 25, received formal approval from the Board of the California Exposition and State Fair in Sacramento, Calif., to extend its lease of the operation of Cal Expo Harness racetrack until May 2030.
The current lease runs to May 2025, so WatchandWager has taken up its option to extend the lease for a further five years.
This approval is subject to a signed contract between the landlord and WatchandWager, but the key commercial terms of the extension have been agreed, so the contract is expected to be a formality. Shareholders will be informed when the contract extension has been signed.
WatchandWager has been operating live racing at the Cal Expo venue since 2012 and continues to improve the quality of racing at the venue. In addition, this sector of the business has proven to be profitable in the past and indeed currently. The Board sees no reason why this positive trend should not continue to be the case into the extension. The racetrack also enjoys an excellent health and safety record for equine and human participants, and this continues to be a key focus for the operation.
This approval secures the WatchandWager physical licensed presence in California for a further significant period, alongside its existing online license. This commitment to the state is important, as the state government continues to consider its options for the legalization of sports betting in California, the biggest market in the USA. While this subject is complex and currently subject to change, the Board believes cementing its position in California as a racing and gaming operator can only enhance its prospects in the key state of California.
It should be noted that the above extension approval does not require approval from the state regulator, with WatchandWager already being approved by the California Horse Racing Board to conduct its operations.
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