Webis gets five-year renewal for Isle of Man gaming licence
By Josh White
Date: Tuesday 09 Aug 2022
(Sharecast News) - Pool wagering specialist Webis, which operates the California harness track 'WatchandWager Cal Expo', has been approved for the renewal of its Isle of Man gaming licence by the Isle of Man Gambling Supervision Commission, it announced on Tuesday.
The AIM-traded firm said the renewal was a full licence issued by the commission under the Online Gambling Regulation Act and was valid for five years, due to expire in August 2027.
It said it considered the renewal to be "strategically beneficial" for the provision of services to the group's non-US domiciled players.
Webis noted that it was the longest-standing licence holder on the island, reflecting its "excellent track record" of regulatory compliance.
"A key feature of the licence is a focus on consumer protection," Webis said in its statement.
"Players who gamble with operators licensed by the Gambling Supervision Commission benefit from a number of protections - one of these is the way players' money is protected.
"In order for an operator to obtain a licence in the Isle of Man, it must agree to protect players' money."
Webis said players' money was classed as deposits-plus-winnings, plus any bonuses earned.
"Webis protects players' money by holding these funds in a segregated bank account kept separately from the group's other bank accounts and this money cannot be used to support operations, or for any other purpose."
It said that, while its main focus was the continued expansion of its activities in the United States, the licence renewal gave it flexibility and the ability to grow international business within a "credible and well-respected" jurisdiction in the sector.
At 1310 BST, shares in Webis Holdings were down 3.48% at 2.22p.
Reporting by Josh White at Sharecast.com.
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