LONDON (ShareCast) -

The extension allows Webis' WatchandWager business to continue to accept online pari-mutuel wagers from residents of California, which Webis called an "increasingly important market" given its population of more than 39m, its rank as the fifth largest economy in the world and a long tradition as a premium center of horse racing.

Furthermore, the renewal is of strategic importance as the state legislature considers bills legalizing sports wagering, with a current Democrat sponsored Sports Betting Bill now approaching the Committee stage in the state.

The AIM traded company said in a statement that it seems "highly likely" that Sports Betting will be approved, given initial success in other states and the tax benefits from regulated gaming.

In the case of approval, WatchandWager's status as a licensed track operator and racing association in the state would allow it to be one of the few companies to legally accept sports wagers from California residents, both on-line and at the Cal Expo track facility.

Ed Comins, president of WatchandWager, said: "These are very dynamic times in the racing and gaming industry in the USA, and we look forward to being ready to offer sports wagering to California residents as it is approved by the legislature. Our license to accept on-line wagers in California and at our physical racetrack operation, are a tremendous asset to the company."

Webis Holdings' shares were up 4.84% at 3.25p at 0944 GMT.

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