LONDON (ShareCast) - (Sharecast News) - Pool wagering company Webis announced on Friday that its advanced deposit wagering business WatchandWager has received a two-year licence approval from the California Horse Racing Board.

The AIM-traded firm said the two-year licence renewal from the board would cover the years 2021 and 2022, and would allow WatchandWager to continue to accept online pari-mutuel wagers from residents of California.

It said the renewal was "strategically important", not only for its access to the largest population in the United States and one of the largest economies in the world, but also for the potential of offering sports betting to California residents when the state legislature passes that into law.

In addition to the California licence renewal, WatchandWager executives had also renewed, or were in the process of licence renewals in the states of Colorado, Kentucky, Minnesota, New York, North Dakota and Washington.

The company said it did not foresee any expected issues that would delay or prevent them from being approved.

"We are pleased to receive this key license renewal from the California Horse Racing Board for WatchandWager," said the division's president Ed Comins.

"We believe that the tax, revenue, and jobs generated from this licence will have an important benefit to the state of California, especially in light of the economic difficulties caused by the California wildfires and the Covid-19 virus.

"With this important licence and our physical presence at Cal Expo in Sacramento, we believe that the passage of legalised sports betting will result in even more new jobs, duties, and tax revenue to the state."

At 1459 GMT, shares in Webis Holding were up 16.43% at 1.63p.

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