Share in Webis Holdings PLC rose early Friday as the company’s unit WatchandWager.com LLC renewed a multi-jurisdictional advance deposit wagering licence in the US state of California.

Shares in the gaming company were trading 16% higher at 3.65 pence on Friday.

The California Horse Racing Board approved WatchandWager’s licence extension application, allowing the business to continue accepting wagers from California residents on worldwide horseracing for another three months.

There will be a full renewal hearing in February 2019, where WatchandWager expects the licence to be renewed to December 2020.

The California licence is considered to be important to WatchandWager, as it places the business in a strong position, in anticipation of legalised sorts betting in the US state.

“We are pleased to receive the important license extension in California and look forward to working with them to increase taxes payable to the state and our statutory charitable contributions. In addition to the tax revenue generated from wagering, WatchandWager strongly promotes the sport of horse racing in the state,” said WatchandWager President Ed Comins.