REG - Webis Holdings PLC - Webis renews Isle of Man license for 5 years

Webis HoldingsAnnouncement

09/08/2022 07:00

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RNS Number : 3069V  Webis Holdings PLC  09 August 2022

For immediate
release
9 August 2022

 

Webis Holdings plc

 

("Webis" or the "Group")

 

Webis renews Isle of Man gaming license for further five years

The board of Webis, the Group specialising in pool wagering and the operators
of WatchandWager Cal Expo, the Californian harness track, is pleased to
announce that it has been approved for renewal of its Isle of Man gaming
license by the Isle of Man Gambling Supervision Commission ("GSC").

The license is a full license issued by the GSC under the Online Gambling
Regulation Act. The license is for five years, due to expire in August 2027.

The Board considers this renewal to be strategically beneficial for the
provision of services to the Group's non-US domiciled players. Webis has been
the longest standing license holder on the Island, reflecting its excellent
track record of regulatory compliance.

A key feature of the license is a focus on consumer protection. Players who
gamble with operators licensed by the GSC benefit from a number of
protections. One of these is the way players' money is protected. In order for
an operator to obtain a license in the Isle of Man, it must agree to protect
players' money. Players' money is classed as deposits plus winnings plus any
bonuses that have been 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.

Whilst the main focus of the Group is the continued expansion of its
activities in the USA, this license renewal gives the Group flexibility and
the ability to grow international business within a credible and
well-respected jurisdiction in the sector.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

For further information:

 

Webis Holdings plc                        Tel:
       01624 639396

Katie Errock

 

Beaumont Cornish Limited         Tel:        020 7628 3396

Roland Cornish/James Biddle

 

 

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