Webis Arranges Loan For WatchandWager Subsidiary
Webis Holdings shares are down more than 8% after it agreed a term loan on behalf of WatchandWager Subsidiary Inc (W&W) for $500,000 from Galloway Ltd, as part of its strategy to consolidate and increase the number of operating licenses.
At present, W&W is licensed in the US states of California, North Dakota, Maryland, Minnesota, Kentucky and Washington, as well as additional licences to place wagers, principally in Hong Kong, United Kingdom, Australia, France, and Canada.
“The majority of these licences are supported by cash-backed Bonding Agreements and, together with the proceeds of the new loan, Webis holds about $2.5m cash deposits for this purpose.
Webis’ board said it considered the renewal and expansion of key US licenses to be central to the development of the W&W business-to-consumer strategy, namely the acceptance of wagers via its principal website watchandwager.com and mobile product in licensed jurisdictions.
“The loan will allow W&W to renew existing and pursue new licenses as required,” it said.