Webis to invest in pools platform for regulated growth
AIM-listed firm to hire more staff and improve pools wagering platform WatchandWager as it looks to expand its international operations
Webis Holdings has pledged to ramp up its investment in its WatchandWager business as the AIM-listed holding company eyes expansion into new egaming markets.
In a trading update for the financial year ended 31 May 2014, Webis said it would significantly increase headcount in its pools wagering division as well as carrying out an upgrade of the watchandwager.com platform.
“The board is confident that this additional investment expense will translate into enhanced profitability in the near term, justifying the commitment to compliant operations in regulated jurisdictions,” Webis said in a statement.
In March WatchandWager signed a deal with the Hong Kong Jockey Club (HKJC) to become the first operator to wager internationally into its betting pools, a move Webis said was part of its strategy to seal “further global licences and agreements”.
The Asia-focused business also revealed plans to apply for a UK licence, explaining that its Isle of Man licence enables the company to apply for a ‘continuation licence’.
“The board remains confident that the strategies for all areas of the Group’s activities are correctly aligned to ensure the best prospects for future growth,” the statement said.
Webis’ sports betting operation betinternet, meanwhile, had mixed fortunes during the 12-month period, blaming regulatory changes in Singapore and “unfavourable” European football results in the final half of the season for an inconsistent performance.
Webis has now reduced the exposure of the sportsbook to residents of Singapore due to regulatory uncertainties and success in other markets, the company said.