Webis wins California gambling licence extension approval

Pool-wagering specialists Webis Holdings jumped on Friday after its WatchandWager.com business won license extension approval from the California horse racing board.

The approval allows WatchandWager to continue to accept advanced deposit wagers from California residents on horseracing worldwide for an initial three-month period, before a full renewal hearing in February.

Ed Comins, president of WatchandWager, said: "We are pleased to receive the important license extension in California and look forward to working with them to increase taxes payable to the State and our statutory charitable contributions."

The state has the largest population of any in the US and possesses the fifth largest economy in the world, thus granting Webis access to a significant market.

Additionally, the state is expected to legalise sports betting in the near future, putting the already present WatchandWager business in a strong position.

"In addition to the tax revenue generated from wagering, WatchandWager strongly promotes the sport of horse racing in the State. We also look forward to growing our California market share while positioning WatchandWager within the fast-growing US-licensed sports betting market," said Comins.

Webis’ shares were up 12.70% at 3.55p at 0940 GMT.