500.com is a leading online sports lottery service provider in China with the largest market share in the six months ended June 30, 2013 and the second largest market share in 2012 in terms of purchase amount of sports lottery products, according to the iResearch Report. The Company acts as an aggregator and processor of lottery purchase orders from its registered user accounts and currently derives substantially all of its revenues from service fees paid to 500.com by provincial sports lottery administration centers for the purchase orders of sports lottery products that are directed to such centers. 500.com offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. The Company is among the first companies to provide online lottery services in China, and is one of the two entities that are authorized by the Ministry of Finance to provide online lottery sales services on behalf of China Sports Lottery Administration Center, the government authority in charge of the issuance and sale of sports lottery products in China. Through continued and significant investments over the past 12 years, 500.com has built a prominent brand, 500wan, which means “five million” in Chinese and is the typical amount of top prizes of most lottery products in China. 500.com believes its brand is known in the industry and by our users for its credibility and reliability.
A Sunday filing to the US Securities and Exchange Commission revealed that former Director and CEO Zhengming Pan had resigned from 500 Dot Com, effective immediately. Tian Zhaofu was listed as Acting CEO of the Shenzhen-based sports lottery provider. The filing stated, “Pan was also a member of the Strategic Planning Committee and Nominating and […]
500 Dot Com issued an announcement last Thursday that one of the four members of its Special Investigation Committee on the Japan bribery allegations has already stepped down and that a law firm has been hired as an advisor to the committee.
Public opinion polls taken in the wake of the 500 Dot Com bribery scandal agree that a large majority of the Japanese people want the government to reconsider its policy of casino legalization.
As he reaches the 23-day limit of his detention over charges that he accepted 3 million yen (about US$28,000) in bribes from the Chinese lottery firm 500 Dot Com, prosecutors reportedly plan to rearrest former State Minister for the Cabinet Office Tsukasa Akimoto, now believing that the bribes were more than double what they initially suspected.
Chinese lottery service provider 500 dot com, says it has temporarily suspended its operations in Sweden, as it failed to renew its license before its expiry. The Multi Group (TMG), a Malta-based subsidiary of the company has been in close communication with the Sweden eGaming regulatory authority and expects to renew its license and resume […]
Mikio Shimoji has become the first Japanese lawmaker to admit receiving a bribe from Chinese lottery firm 500 Dot Com, and has applied to resign from the Japan Innovation Party, led by Osaka Mayor Ichiro Matsui, over his transgression.
Japanese special prosecutor investigations of potential bribery by Shenzhen-based lottery firm 500 Dot Com have expanded to at least five additional lawmakers, including one of the most prominent pro-IR lawmakers in the nation, former Defense Minister Takeshi Iwaya, who has been a frequent speaker at IR promotion events.
The scandal over Chinese firm 500 Dot Com’s IR lobbying activities in Japan deepened considerably with former Cabinet Office state minister Tsukasa Akimoto being arrested on bribery charges and two other ruling party lawmakers’ offices raided by prosecutors.
Lottery service provider 500.com saw its net loss narrow in 19Q3, due mainly to a year-on-year reduction in operating expenses. Net revenues decreased 67.4 percent year-n-year to RMB9.8 million, with revenues consisting mainly from the company’s online lottery betting and online casino in Europe through TMG. The company said the revenue decline was due mainly […]
The victory of the All-Okinawa candidate for governor, Denny Tamaki, would appear to bring to an end any chance that Okinawa Prefecture will join the race to host an IR. Tamaki was the designated successor to the late Governor Takeshi Onaga, who in 2014 turned against the pro-casino policies of his predecessor on the argument […]
The sudden death of Governor Takeshi Onaga on Wednesday has thrown Okinawa politics into turmoil, with potential implications for the IR industry.
Zhengming Pan, CEO of 500.com, the Shenzhen-based online sports lottery service provider, is back in Okinawa pitching his IR plans, but this time he brought along a potential partner, Kevin McGowen, CEO of Les Ambassadeurs Club in London. According to an article in the Ryukyu Shimpo, Pan and McGowen entered Okinawa on July 21 and […]
500.com, an online sports lottery service provider in China, said Lei Zheng has resigned as chief operating officer of the company due to personal reasons, effective Friday. The company said it has no plan to appoint a successor at this point. “I would like to thank Lei for his invaluable service and contribution to the […]
Mainland China sports lottery provider 500.com has inked an agreement with the Hunan Provincial Bureau to develop physical sales channels for its lotteries. The deal involves a subsidiary an affiliate entity of 500.com, Shenzhen E-Sun Sky Network Technology Co., Ltd, to help enhance the convenience of sports lottery ticket purchases, enlarge customer base and optimize […]
Online sports lottery company, 500.com, said it has entered an accord with the China Sports Lottery Administration Center to jointly develop a physical ticket sales network. Under the Framework Agreement, the Sports Lottery Center will provide support to the project. 500.com will seek accords with provincial sports lotteries centers to assist in installing sports lottery […]
Japanese tourism company Kamori Kanko has added considerably more financial muscle to its bid to bring an IR to Hokkaido with the announcement of a US$1.5 billion investment agreement with Chinese lottery service provider 500.com. Other members of the consortium are Sequoia Capital China, Vision Knight Capital, and SIG Asia Investments. This past weekend 500.com […]
Chinese lottery supplier 500.com recorded a net loss of RMB 72.2 million ($10.9 million) in the third quarter of 2017, with the temporary suspension of online lottery sales continuing to weigh. Net revenues increased to RMB43.2 million, up from RMB19.3 million in the second quarter and nil in 16Q3. The company noted its acquisition of […]
Mainland Chinese lottery supplier 500.com Ltd has announced the stepping down of its chairman, Mr. Lian Qi, effective November 1, 2017. In his place is Mr. Yonghong Zhang, who has been appointed as a director and chairman of the board, effective today. Mr. Zhang will join the Compensation Committee and join and chair the strategy […]
Lottery service provider 500.com reported a significant uptick in revenues for the second quarter of 2017, primarily generated from mobile gaming and sports information services. Net revenues for the quarter was was RMB 19.3 million, compared to RMB1.2 million for the second quarter of 2016. The operator, however reported a net loss of RMB 52.6 million […]
Sports lottery provider 500.com Ltd has announced it has completed the acquisition of a 40.65 percent stake in MelcoLot Ltd, according to a joint filing to the Hong Kong Stock Exchange on Tuesday. The acquisition was first announced on May 29, 2017, with 500.com planning to acquire 1.3 billion shares in MelcoLot for approximately HK$322.2 […]
Sports lottery provider 500,com Ltd. is buying a 40.65 percent stake in MelcoLot Ltd. for approximately HK$322.2 million (US$41.3 million) through a share purchase agreement, according to a press release from the lottery operator on Tuesday. The total consideration for the share sales is equivalent to approximately HK$0.252 per sale share. The recent announcement follows […]
Sports lottery service provider 500,com Ltd today announced that it is acquiring approximately 93 percent of outstanding shares of The Multi Group Ltd for a total consideration of EUR49.8 million (US$56 million) in cash. Headquartered in Malta, Multi Group operates Multilotto,com, which is considered one of the top online lottery betting and online casino platforms […]
Lottery service provider 500.com Ltd posted a narrower loss in 17Q1, due mainly to an increase in mobile gaming and sports information services revenue. The group reported a net loss of RMB 62.3 million (US$9.1 million) in the quarter, down from a loss of RMB 90.9 million in 16Q1. Net revenues, primarily generated from mobile […]
Sports lottery provider 500 .com has announced the resignation of its director and chairman Mr. Man San Law, as well as director Mr. Weiguo Zhao from its board of directors, effective January 20, 2017. In a Sunday filing from the company, Mr. Lian Qi has been appointed as the new chairman of the board of […]
Online sports lottery provider 500.com has reported a net loss of RMB 75.3 million ($11.3 million) for the third quarter of 2016. The net loss is more than double that of the second quarter of 2016, which was RMB 27.7 million, but narrower than a net loss of RMB 80.7 million recorded in 15Q3. “Mr. […]
Online sports lottery service provider 500.com has reported a narrowed year-on-year loss in 16Q2, affected by the ongoing suspension of sports lottery sales services in China. The operator reported a net loss of RMB 27.7 million ($4.2 million) for the second quarter, compared to a net loss of RMB81.4 million in the prior year. Net […]
China lottery provider 500.com reported a net loss of RMB90.9 million (US$14.1 million), down from RMB52.0 million for the first quarter of 2015. The lottery provider in a recent filing said the continued online lottery suspension, which began in March 2015 meant the company did not generate any revenue from sports lottery sales since. Net […]
China online sports lottery service provider, 500.com has announced it has disposed of its equity interest in Sumpay.cn, a third-party payment service provider in China. According to a recent filing, the sports lottery company disposed of its 63 percent equity interest in Sumpay.cn, also known as Zhejiang Shangmeng Technology Limited Company. In November last year, […]
China online sports lottery service provider 500.com reported a 82.8 percent decrease in net revenue at RMB99.6 million (US$15.4 million) for the full year 2015. Operating loss was RMB301.4 million, representing a 301.6 percent decrease from operating profit in 2014, which was at RMB149.5 million. Net loss attributable to 500.com was RMB323.9 million. The operator […]
Chinese sports lottery operator 500.com has confirmed the appointment of Angel Yan Ki Wong as a new independent director. Ki Wong who at present serves as Executive Director of Asian IPO and M&A management consultancy Advanced Capital will consult the lottery operator on new governance initiatives and corporate investments. 500 .com further confirmed that Ki […]
500.com, a China online sports lottery company, has agreed to invest in Zhejiang Shangmeng Technology Limited Company (Sumpay.cn), which is licensed to provide third-party payment services in China. New York Stock Exchange-listed 500.com will buy 63 percent of Sumpay for about $35.6 million in cash. The company said “by leveraging Sumpay.cn’s online payment capabilities, the […]
500.com, an online sports lottery service provider in China, announced that it has entered into a purchase agreement with Tsinghua Unigroup International Co., Ltd. for the sale of more than 63 million newly issued ordinary shares in the company. Tsinghua Unigroup International will purchase 63,500,500 newly issued Class A ordinary shares of 500.com for approximately […]
500. com reported net revenues for the first quarter of RMB98.8 million ($15.9 million), a 32.4 percent drop from the fourth quarter of 2014 and a 10 percent increase on the first quarter of 2014. In the same filing, the company noted that Man San Law resigned from his position as CEO to be replaced […]
Lottery company 500. com posted an increase in its yearly net revenue, rising to RMB579.7 ($93.4 million) million in 2014 from RMB259.5 in the 12 months of 2013, according to the company’s annual filing. The company’s operating profit last year rose to RMB149.5 million from 59.9 in 2013, while net income went from RMB106 million […]
China’s lottery sector continues to boom, but uncertainty over how Beijing may react to the rapid growth continues to linger, with big questions over the future direction of online sales and sports betting.
Regulation in Asia is failing to keep pace with technological advances in the lottery industry and is weighing on the region’s potential, insiders say. That creates a hurdle as most industry experts agree that growth in the sector will be lead by online and mobile innovation.