London-listed betting and racetrack operator Webis Holdings has secured a new two-year license from the California Horse Racing Board (CHRB).

The license renewal allows Webis to continue its online pari-mutuel betting service for California residents through its advanced deposit wagering (ADW) platform through to February 2021.

Webis described the license renewal as strategically important to, given that the state legislature is considering legalised sports betting, with a bill sponsored by Assembly member Adam Gray currently approaching the Committee stage in Sacramento.

The company said that if sports betting is approved in the state, WatchandWager's status as a licensed track operator and racing association would allow it to be one of the few companies to legally accept sports bets from state residents, both online and at the Cal Expo track facility.

“We are pleased to receive this license renewal from the California Horse Racing Board for WatchandWager for the next two years,” said WatchandWager president Ed Comins. “These are very dynamic times in the racing and gaming industry in the USA, and we look forward to being ready to offer sports wagering to California residents as it is approved by the legislature.

“Our license to accept online wagers in California and at our physical racetrack operation, are a tremendous asset to the company.”

Shares in Webis Holding plc (AIM:WEB) were trading up 5.36 per cent at 2.95 pence per share in London Monday morning.