WatchandWager to get licence renewed in California

The Webis Holdings subsidiary expects the CHRB to grant an advanced deposit wagering licence renewal through December 2020.

US.- The California Horse Racing Board (CHRB) has just approved a three-month extension for WatchandWager’s advanced deposit wagering (ADW) licence. That’s why the Webis Holdings subsidiary is confident that the regulator will soon confirm a licence renewal for its operations in the state.

Next February, the full renewal hearing will be conducted by the CHRB, whose recent decision will allow WatchandWager to take bets from California residents on horse racing until then. According to the company, the interim renewal is “strategically important […] in light of the anticipated legislation legalising sports betting in the state.”

“As an existing track operator in California, WatchandWager is in a strong position to offer sports betting if it is passed into law,” Webis explained.

The company received a perfectly-timed extension as it has just terminated a partnership with a syndicate which would lead to an US$800k gross margin reduction for the current financial year. Furthermore, it highlighted the state’s market: “The company stands very well positioned in particular in California, a gaming market that will dwarf other USA states in size when regulated,” Webis said.