Webis Holdings Plc

What Webis Holdings Plc does

Webis Holdings plc is an Isle of Man-incorporated holding company that, through its wholly owned US subsidiary WatchandWager.com LLC, operates an Advanced Deposit Wagering (ADW) platform and the Cal Expo harness racetrack in Sacramento, California. Founded in 1998 (as betinternet.com plc, rebranded to Webis in 2007), the company was previously listed on AIM (LSE:WEB) before delisting on 1 January 2025 following shareholder approval. Headquartered in Douglas, Isle of Man, with operational offices in the San Francisco Bay Area and Lexington, Kentucky, the company employs 11-50 staff.

The core technology is a totalisator wagering hub operated through WatchandWager's US tote supplier, which passes customer wagers directly into global racetrack betting pools in real time. WatchandWager holds simulcast agreements with racetracks in the US, Canada, UK, Ireland, France, Australia, Hong Kong, South Africa, and Japan, providing the largest catalog of wagerable content globally. The platform holds a multi-jurisdictional ADW license from the North Dakota Racing Commission, plus state-specific licenses in California, New York, Kentucky, West Virginia, Washington, and others; ADW operations are conducted from licensed jurisdictions under the oversight of the relevant US state regulators and the Isle of Man Gambling Supervision Commission (license valid to August 2027). The Cal Expo operation is the only live harness racing track in California, with the lease extended through May 2030.

The business model is pari-mutuel wagering: WatchandWager earns a takeout commission on wagers placed into racing pools, with revenue driven by transaction volume rather than fixed pricing. The company also generates ancillary revenue from live racing operations, food and beverage, and simulcast/host fees at Cal Expo. The customer base is fragmented across individual US bettors in licensed states, with California and New York representing the highest-value geographies (estimated $1 billion+ per annum in combined ADW wagering). The capital structure is highly related-party dependent, with Burnbrae Group Limited (Jim Mellon) holding 63.1% indirectly and Galloway Limited (a Burnbrae subsidiary) repeatedly providing term loans and convertible notes, the most recent being a further loan advanced in November 2024.

Name

Webis Holdings Plc

Legal name

Webis Holdings plc

Website

https://webisholdingsplc.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

Webis Holdings plc, through subsidiary WatchandWager.com LLC, operates a pari-mutuel Advanced Deposit Wagering platform and the Cal Expo harness racetrack in California, serving US bettors in licensed states with access to global racing pools.

Ownership category

akta.pro rank

Product category

Online Pari-Mutuel Wagering

NAICS

Gambling Industries (7132)

SIC

Services-Racing, Including Track Operation (7948)

akta.pro primary industry

Pari-Mutuel Wagering Operators (Totalisators/Tote) (MPAEADAB)

akta.pro secondary industry

Online Horse Racing Betting (Advance Deposit Wagering/ADW) (MPAEADAD)

Keywords

• Advanced deposit wagering
• Pari-mutuel betting
• Horse racing wagering
• Harness racing operations
• Online wagering platform

Headquarters

HQ city

Douglas

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Pari-Mutuel Wagering Commission: WatchandWager earns revenue through pari-mutuel wagering, taking a commission on wagers placed into global racing pools. The company passes wagers directly into racetrack betting pools in real time through its ADW platform. Revenue is generated from the takeout/commission on betting pools.
2. Racetrack Operations: WatchandWager operates Cal Expo harness racetrack in Sacramento, California, generating revenue from live racing operations, food and beverage, and associated wagering activities. The company has operated Cal Expo since 2012.
3. International Content Licensing: Revenue from international racing content partnerships including Hong Kong Jockey Club, French PMU, and US racing associations. WatchandWager has facilitated wagers in excess of USD $100 million into HKJC pools since 2013.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels1 record

Core offering

Webis Holdings plc operates an online Advanced Deposit Wagering (ADW) platform via its WatchandWager.com subsidiary, accepting pari-mutuel wagers from US residents in licensed states and passing them in real time into global racetrack betting pools through a totalisator wagering hub. The company also operates the Cal Expo harness racetrack in Sacramento, California, the only such track in the state, running twice-weekly live race meetings from October to May.

Product overview

Webis Holdings plc operates as a holding company with two main operations: WatchandWager.com (an online Advanced Deposit Wagering platform) and Cal Expo Harness Racing (a physical racetrack in California). The WatchandWager.com platform allows customers to place wagers directly into global racetrack betting pools in real time through simulcast agreements with racetracks worldwide. The company holds licenses in multiple US states and operates the only harness racing track in California.

Differentiator

Problem solved

Functional benefit

Products and services

• WatchandWager.com Online ADW Platform Online Advanced Deposit Wagering (ADW) platform that enables customers to fund accounts and place pari-mutuel wagers on horse racing, which are passed in real time directly into global racetrack betting pools through a totalisator wagering hub. Serves individual bettors in US states where WatchandWager holds licenses (California, New York, Kentucky, North Dakota, and others).
• Cal Expo Harness Racing Standardbred harness race track operation in Sacramento, California. The only harness racing track in California, hosting twice-weekly meetings on Friday and Saturday evenings during the racing season (October to May). Generates revenue from live racing operations, food and beverage, and associated on-track pari-mutuel wagering activities.

Quantifiable outcome

• Over 40% of licensed US pool betting market represented by California and New York racing
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and major.

• NYRA (New York Racing Association)coreStrategic or Co-development Partner · 19 December 2025WatchandWager secured key agreement with NYRA providing access to New York racing content including Belmont Stakes and Saratoga Race Course.
• XST Capital GroupmajorStrategic or Co-development Partner · 9 September 2025Webis (WatchandWager) reached agreement with XST Capital Group on strategic initiatives. Details to be disclosed as agreement progresses.
• Churchill Downs IncorporatedcoreStrategic or Co-development Partner · 11 April 2025WatchandWager signed new contract with Churchill Downs for 2025 to provide wagering access to CDI-operated racetracks including Kentucky Derby host Churchill Downs.
• Monarch Content ManagementcoreStrategic or Co-development Partner · 1 January 2024WatchandWager signed renewed agreement with Monarch Content Management (subsidiary of Stronach Group) to accept wagers on all Monarch-operated racetracks. Monarch manages wagering and streaming for 15 racetracks including Gulfstream, Santa Anita, Del Mar, Laurel, and Pimlico.
• Hong Kong Jockey Club (HKJC)coreStrategic or Co-development Partner · 5 June 2019WatchandWager renewed its contract with HKJC for three years to the end of the 2021-22 racing season. HKJC is a world-class 134-year-old racing operation with turnover of nearly US$30 billion for 2017-2018 season. WatchandWager was the first international ADW allowed to offer wagering directly into HKJC pools since 2013.
• French PMU (Pari Mutuel Urbain)majorStrategic or Co-development Partner · 19 April 2016WatchandWager extended its contract with French PMU to provide customers access to betting directly into French horseracing pools with video streaming. In 2014, total volume wagered into PMU pools was Euro 9.16 billion.
• North Dakota Racing CommissioncoreOthersWatchandWager.com LLC holds a multi-jurisdictional license issued by the North Dakota Racing Commission (NDRC), enabling ADW operations in multiple US states.
• California Horse Racing BoardcoreOthersWatchandWager holds its ADW license from the California Horse Racing Board (CHRB), a two-year multi-jurisdictional license for the years 2023-2024.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Xpressbet: Established US ADW operator historically associated with the Stronach Group; a direct competitor to WatchandWager for online pari-mutuel wagering across US and international pools.
• 1/ST Bet: ADW platform operated by 1/ST (Stronach Group), offering pari-mutuel wagering into Stronach/Monarch content. Directly competes with WatchandWager in US online horse racing wagering, including access to Santa Anita, Gulfstream and Pimlico.
• TwinSpires: Churchill Downs Incorporated's owned-and-operated ADW platform. Directly competes with WatchandWager in US online pari-mutuel horse racing wagering, including access to CDI's premier tracks such as Churchill Downs and the Kentucky Derby.
• NYRA Bets: ADW platform operated by the New York Racing Association. Directly competes with WatchandWager for US ADW customers and offers pari-mutuel wagering into NYRA pools (Belmont, Saratoga) — overlapping content with WatchandWager's NYRA content agreement.
• TVG (Flutter Entertainment): Flutter Entertainment-owned US ADW and horse racing content platform. A direct competitor to WatchandWager in pari-mutuel wagering and one of the largest US horse racing wagering brands by handle.

Broad incumbents

• Churchill Downs Incorporated: Owner of TwinSpires ADW and a leading portfolio of US racetracks including Churchill Downs. Overlaps with WatchandWager both as a content licensor (CDI tracks) and as a vertically integrated competitor across US pari-mutuel wagering.
• New York Racing Association (NYRA): Operates premier NY racetracks (Belmont, Saratoga, Aqueduct) and the NYRA Bets ADW. Both a content partner of WatchandWager and a vertically integrated competitor in pari-mutuel horse racing.

Emerging players

• AmWager: Smaller US-based ADW operator offering pari-mutuel wagering into US and international pools. Comparable business model to WatchandWager but with smaller scale and narrower content footprint.

Others

• Hong Kong Jockey Club: Operates Hong Kong's monopoly pari-mutuel wagering pools (US$30B turnover) and is a content/strategic partner to WatchandWager via cross-border simulcast agreements since 2013; not a direct competitor but a key distribution counterparty.

Regional players

• Pari Mutuel Urbain (PMU): French state-affiliated pari-mutuel wagering operator (€9.16B in 2014 pools). WatchandWager has a content agreement to offer French racing pools to US customers, making PMU both a content partner and a comparable totalisator-style operator outside the US.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/WebisHoldings
• LinkedInlinkedin.com/company/webis-holdings-plc-web1-

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Webis Holdings Plc