WatchandWager Secure Horse Racing Contract

horse racing sprint

Betting operator WatchandWager has been granted a licence renewal allowing it to continue to take bets on horse racing in California for a further three months.

The California Horse Racing Board (CHRB) renewed the advanced deposit wagering (ADW) licence for WatchandWager – a subsidiary of Webis Holdings – in an unanimous decision earlier in the week.

With the extension in place, WatchandWager will be permitted to take horse racing bets from California residents until a full hearing is held in February 2019, at which the company will be hoping that its licence will be renewed until December 2020.

The interim renewal of WatchandWager’s licence has taken on additional significance given the likely legalisation of sports betting in the state of California at some point during the next few months. Lawmakers have not yet brought forward a sports betting bill, but it is widely believed that California will at some point join the other states to have moved on the issue since the Supreme Court struck  down the 1992 PASPA Act in May. 

Land Presence

WatchandWager already benefits from a land-based presence in California, through the Cal Expo Harness Racetrack in Sacramento, and the company gained approval through the Thoroughbred Owners of California to offer horse racing betting five years ago.

By maintaining its position as a land-based horse racing operation in California, WatchandWager is in a strong position to capitalise on legalized sports betting when it is introduced, as comments in the Webis financial report, published this week, make clear:

It should be recognised California will be a little slow to adopt regulation, but we are very encouraged by the certainty that only California land-based operations will be licensed in the state.”

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