Webis Holdings PLC shares rallied on Friday after the firm said its US subsidiary WatchandWager.com LLC signed a contract to operate at a racetrack in Arizona.

Shares were up 13% at 3.45 pence each on Friday morning in London.

The Isle of Man-based gaming firm said its Larkspur, California-based advanced wagering service subsidiary signed a contract with the owners of Arizona Downs, a horse racing track in Prescott Valley, Arizona.

The contract is for a commercial lease to operate live harness racing, pari-mutuel wagering - a system of betting on races in which the winners divide the total amount bet - and food and beverage operations at the venue.

The contract is for five years to November 2027, with an option to renew for a further five years.

The contract is still subject to regulatory approval. Webis said the Arizona Department of Gaming is currently expected to give regulatory approval this summer.

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