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.
China lottery service provider 500.com has continued to suffer from the suspension of online lottery in the country, posting a widened net loss of RMB137.8 million (US$19.6 million) in 19Q2. 500 said the widened loss was due to an impairment provision of RMB57.2 million for goodwill during the second quarter of 2019 and a reversal […]
China lottery service provider 500.com posted a widened net loss in the first quarter of 2019, reaching RMB93.2 million (US$13.9 million), due mainly to a fall in revenue. Net revenues, which consisted primarily of revenue contribution from the company’s online lottery betting and online casino in Europe through The Multi Group (TMG) fell 62.8 percent […]
500.com, a provider of lottery services in China reported soaring revenue for Q2, helped by the early July acquisition of TMG Group, an online lottery betting and online casino platforms operated out of Malta.
Okinawa Governor Takeshi Onaga has made clear that he firmly opposes the establishment of an IR within his island prefecture, but that doesn’t seem to be stopping powerful economic and political forces from seeking to overturn that verdict and to bring a casino to Okinawa nonetheless. Zhengming Pan, CEO of 500.com, a Shenzhen, China, based […]
500. com, a sports lottery service provider in China, reported a net loss of RMB80.7 million ($12.7 million) in 15Q3, compared with a net loss of RMB81.4 million for the same period last year. Net revenues were nil, compared with nil for the second quarter of 2015. Since March 2015, all provincial sports lottery administration […]
China’s online sports-lottery operator, 500.com Ltd, reported a 44 percent drop in operating profit in the fourth quarter last year as it struggles to catch up with the pace of the market. Despite the company finishing the year “on a strong note” with a 52.1 percent year-on-year quarterly increase net revenues, said CEO Man San […]
China’s clampdown on online lottery sales is likely to have a significant impact on the country’s booming lottery market in the short term, but shouldn’t be read as a signal that Beijing is seeking to permanently shut down remote lottery distribution, experts say.
E-commerce giant Alibaba on Tuesday said it was suspending sales of online lottery tickets in China, following in the footsteps of New York Stock Exchange-listed online lottery company 500.com, Tencent and others.
Although estimates vary on how much of the RMB 382.4 billion ($61 billion) in 2014 sales were actually generated online, the amount is thought to have been “substantial.” However, industry insiders say the existing system was badly flawed and the suspension may pave the way for a much needed overhaul.
Both legal lotteries in China, the Welfare Lottery and the Sports Lottery have a national brand and national regulation, but the day-to-day operations are organized at the provincial level. The province is also responsible for generating sales.