Webis Holdings, the little known online gambling company, with a small foothold in the U.S. online betting market has released Interim Report and Financial Statements for the period ended 30 November 2020. For the half year group amounts wagered were US$ 45.3 million, up 20% on ther prior year. Turnover reported was US$ 7.4 million (2019: US$ 8.1 million), and gross profit increased 49% to US$ 2.67 million (2018: US$ 1.79 million). Webis chided the stock market for overlooking its position and potential in the U.S. Betting Market space. The company pointed out that its principal subsidiary WatchandWager, remained well-positioned across many states, most particulalry California and it highlighted a key strategic aim as being the need to educate "the decision-makers and regulators to understand the fiscal benefits of including mobile wagering within retail operations." Noting that many major large multi-national gambling entities continued to search for merger or acquisition of key assets in the USA, Webis concluded that "Overall, we consider the company to be undervalued on key metrics and our potential for growth it is important that now we "fight above our weight' to make the industry aware of this. We will keep shareholders fully informed of developments in our exciting future strategies." The company did not disclose an intention to buy Bitcoin and nor did it reveal an intention to change its name to something more pertinent to the industry that it operates in - something that would normally form the first step of any basic repositioning strategy.
There is little doubt that opportunities abound for a company like Webis in the nascent online betting space in the U.S. For example, Connecticut recently become the latest U.S. state to reach a deal that will allow one gaming tribe, and perhaps two, and the state lottery,the rights to statewide online betting. The Connecticut Lottery will be granted an online sports betting license, as well as the right to set up 15 retail betting locations. It is believed that it will choose to sub-license some of its retail locations to pari-mutuel operators (Webis?). It is now up to the management of Webis to show that they can actually deliver in what is a very competitive environment.
Please do your homework before investing. Shares go up and down.