International edition
September 19, 2020

“No longer a viable strategy”

Webis to shutter fixed-odds betting and games division

Webis to shutter fixed-odds betting and games division
Online casino and sports betting provider Webis Holdings has announced it will close its betinternet.com fixed-odds betting and games operation in order to focus solely on its WatchandWager deposit wagering subsidiary.
United States | 03/04/2015

Online casino and sports betting provider Webis Holdings has announced it will close its betinternet.com fixed-odds betting and games operation in order to focus solely on its WatchandWager deposit wagering subsidiary.

T

he decision was made by Webis following a recent review of its sportsbook operations, during which it took into account the various opportunities available in the US pari-mutuel division.

Webis concluded that continuing to support the division is “no longer a viable strategy” and it will instead focus on the development of WatchandWager.

The company also cited the impact of “ongoing development of jurisdictional protectionism” as a key consideration in its decision to shut down the division.

Several national markets have been clamping down on online gaming activities, with countries such as Singapore blocking access to gambling websites based overseas. The betinternet.com operation will close on March 5.

“The board discussed the sportsbook's disposal as a going concern with several interested parties, but unfortunately these discussions did not lead to any firm offers and accordingly the decision to close was the only viable option,” Webis said.

“The board believe that a sole focus on developing and expanding upon WatchandWager’s already impressive achievements is in the best interests of the group.”

The move comes after Webis last week announced growth across it businesses during 2014, but also noted that it encountered various challenges during the past 12 months.

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