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The company had previously identified Kentucky, as well as New York, as key states in which to secure a licence.

Webis has been actively building up its presence in Kentucky since 2013, relocating its telephone call centre there from the Isle of Man and establishing its Lexington office as the company’s centre of operations.

The duties and fees associated with the Kentucky licence are also relatively modest compared to larger states, Webis said, enabling it to offer bets at a higher margin.

"We are pleased to add Kentucky to the ever-expanding list of states where WatchandWager can accept wagers," WatchandWager president Ed Comins said. "Our company's experience in Kentucky has been a very positive one, and being able to accept wagers from residents of the State only cements this relationship."

WatchandWager’s licence was secured Tuesday (December 13th) and comes into force with immediate effect, expiring at the end of 2017.

The company will begin taking live registrations, deposits and bets as of December 14th.

The licence approval is contingent on Webis paying the Horse Racing Commission a $100,000 bond, which it expects to do in early January.

Shares in Webis Holdings plc (Co.Data) (AIM:WEBIS) were initially boosted by the news, climbing 15.39 per cent to 1.50 pence per share early Wednesday, before falling back to 1.29 pence per share, down 0.92 per cent on Tuesday's closing price.

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