Webis chair hails WatchandWager despite wider losses
Denham Eke, non-executive chairman of Webis Holdings, has paid tribute to the performance of its WatchandWager business, despite the company recording an overall loss in the 12 months to May 31.
Although revenue increased 45% year-on-year to $224.3 million (€211 million), the firm suffered a decline in gross profit, which fell 3.3% to $4.1 million.
Operating loss amounted to $948,000 in the full-year, while loss from continuing operations came in at $1.2 million, with loss for the year totalling $1.2 million, although this figure is an improvement on the loss of just under $2 million in the previous 12-month period.
“Despite an overall loss on the year, I am pleased to report a further improved trading performance from WatchandWager,” Eke said.
“In particular, we saw a significant increase in turnover across the operation through the year, but most especially in the second half; this has continued into the new financial year.
“The operation has made good progress in key areas of the business, namely the business trading arm and our consumer website/mobile product.
“In addition, our racetrack at Cal Expo had another solid year, assisting with many strategic projects during the year and for the future.”
Eke added: “Most importantly, WatchandWager has achieved a size and credibility within the USA to be a significant player in the USA horseracing and egaming space, which is widely still considered to be a jurisdiction of opportunity as European markets consolidate.
“The company has a solid operational presence and multiple licences in key states.
“In addition, its global reach continues, particularly in key racing jurisdictions such as the USA, Hong Kong, France, UK and Ireland, amongst others.”
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