Monday 17th August, 2015
WEBIS HOLDINGS PLC
(“Webis” or “the Group”)
WatchandWager.com granted ADW license in Washington State
Webis Holdings PLC, the Group specialising in regulated pool wagering and the operators of Cal Expo, the Californian harness track, is pleased to announce that San Francisco-based WatchandWager.com LLC (“WatchandWager”) has been granted an Advanced Deposit Wagering (“ADW”) license by the Washington Horse Racing Commission (“WHRC”). ADW is regulated online betting into pari-mutuel markets in the USA and internationally.
The WHRC license permits WatchandWager to accept on-line pari-mutuel wagers on horse racing from Washington State residents with immediate effect. The approval is significant because the State’s ADW market continues to grow at a steady pace. In its most recent annual report issued in February 2015, the WHRC indicated that residents wagered US$ 61.7 million in 2014, a growth of 20% on prior year. The population has grown to over 7 million, which is an increase of over 300,000 since 2010. With approximately 77% of the current population of legal age to place a wager, the license, one of only five, potentially expands WatchandWager’s market by an additional 5.4 million people.
As required by the WHRC, WatchandWager has lodged a Surety Bond to the 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.
Ed Comins, President of WatchandWager, said that the Washington State ADW license is another milestone in the continued growth of the company:-
“We are excited to add Washington State to WatchandWager’s growing list of states where we can accept wagers,” Comins said. “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.”