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 advanced deposit wagering (ADW) business, WatchandWager.com LLC (“WatchandWager”) received its two-year license approval from the California Horse Racing Board (CHRB) on Nov. 19, 2020.
The two-year ADW license renewal from the CHRB is for the years 2021-22, and it allows WatchandWager to continue to accept online pari-mutuel wagers from residents of California on its range of global content. The license renewal from the CHRB is strategically important to the company, not only for its access to the biggest population in the United States and one of the largest economies in the world, but also for the potential of offering sports betting to California residents when the state legislature passes this into law.
As shareholders are aware, the license sits alongside our long-term lease of the Cal Expo racetrack, adding an important physical, as well as on-line, presence in the state.
In addition to the California license renewal, WatchandWager executives have also renewed, or are in the process of license renewals, in Colorado, Kentucky, Minnesota, New York, North Dakota, and Washington. The company does not foresee any expected issues that would delay or prevent them from being approved.
“We are pleased to receive this key license renewal from the California Horse Racing Board for WatchandWager,” said Ed Comins, President of WatchandWager. “We believe that the tax, revenue, and jobs generated from this license will have an important benefit to the state of California, especially in light of the economic difficulties caused by the California wildfires and the COVID-19 virus. With this important license and our physical presence at Cal Expo in Sacramento, we believe that the passage of legalized sports betting will result in even more new jobs, duties, and tax revenue to the state. WatchandWager stands ready to be an active partner in supporting not only the state's racing and gaming industry, but also supporting the recovery of the state as a whole.”
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