Webis subsidiary extends Cal Expo Harness Racing contract

Pool wagering specialist Webis announced on Wednesday that its US-based advanced deposit wagering business, WatchandWager, has signed an extension with the board of directors of the California Exposition & State Fair in Sacramento, to continue its Cal Expo Harness Racing operations through to 1 May 2025.

The AIM-traded firm said the extension reflected the good standing that WatchandWager held with the track landlord and regulators in California.

It said the renewal also included a clause to extend the lease until 2030, should both parties wish to pursue that.

The renewal was said to be “especially significant” given recent positive momentum behind the introduction of regulated sports betting in the state of California.

Recent initiatives to drive that forward included California racetracks becoming eligible to be licensed for sports betting.

WatchandWager had been operating live racing at Cal Expo since 2012, with the 2019-2020 Cal Expo Harness Racing season having started on 9 November, set to run 47 race dates on Fridays and Saturdays through to 25 April.

Cal Expo is the only harness racing racetrack in California, and WatchandWager's operation of it was described by Webis as “vital” to supporting the breed and horsemen in the state.

In addition to the racing, WatchandWager made financial contributions to the California horse industry to promote breeding and racing in the state.

The board said the initial performance of WatchandWager Cal Expo had been slightly above average through the first weekends of live racing in the current season.

WatchandWager president and Webis chief executive officer Ed Comins said the extension approval was a “significant step” for the long-term future of both Cal Expo and WatchandWager:

“This approval is a significant milestone in WatchandWager's license presence in the US and the state of California,” Comins said.

“We believe that WatchandWager will continue to run safe and successful race meetings at Cal Expo, which is good for both harness racing fans and the horsemen of the state.

“At the same time, our commitment to Cal Expo and racing ensure that WatchandWager will remain a major stakeholder in the positive expansion of gambling in the state of California for many years to come.”

At 1229 GMT, shares in Webis Holdings were up 14.83% at 1.38p.