17th Aug 2015 09:49
LONDON (Alliance News) - Webis Holdings PLC on Monday said that its subsidiary WatchandWager.com LLC has been granted an Advanced Deposit Wagering licence by the Washington Horse Racing Commission.
The gaming company and racetrack operator said that the licence permits WatchandWager to accept online pari-mutuel wagers on horse racing from Washington State residents.
As required by the WHRC, WatchandWager has lodged a surety bond to the northwestern US state to protect player balances and has agreed to pay source market fees to Emerald Downs, the state's only thoroughbred racetrack, located in Auburn. Source market fees are reinvested in the racing industry in the form of purses for horsemen and revenue to racetracks, Webis said.
In March, Webis said it was planning to focus its efforts on the WatchandWager business and said it would close down its BetInternet.com unit, having failed to attract any viable bids for the division.
"We are excited to add Washington State to WatchandWager's growing list of states where we can accept wagers," WatchandWager President Ed Comins said in a statement.
"The fact that it is a state with an increasing population and a rapidly-expanding ADW market makes it an excellent business opportunity for WatchandWager. We look forward to providing residents with the best racing and content available, while supporting the state's racing industry through fees paid to racing associations, horsemen's groups, and the WHRC," he added.
Shares in Webis were trading flat Monday morning at 0.550 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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