500.com posts new record on World Cup earnings

    500.com, an online sports lottery service provider in China, posted net revenues of $25.2 million (RMB 156.1 million) for Y14Q2, representing a 73.8 percent increase from the first quarter of 2014 and a 185.4 percent increase from the second quarter of 2013. Operating profit was $9.6 million, representing a 87.7 percent increase from the previous quarter and a 436.0 percent increase from the second quarter of 2013.

    “I am pleased to report a record quarter of solid growth across the board,” commented Man San Law, founder, chairman and CEO of 500.com. “Our growth momentum continued with revenue increasing significantly during the quarter as a result of the 2014 FIFA World Cup, the executive added in a stock filing. 500.com total purchase amount increased 199.1 percent yoy to $337.4 million, a new record for the company. 

    Traffic continued to grow during the quarter, particularly through the company’s mobile channels which now account for 34.3 percent of total purchases made. “With mobile purchases exceeding one third of total purchases made for the first time, we will continue to invest in R&D and marketing as we look for new ways to innovate our mobile services and expand our user base to solidify our leading position,” Man added. Revenues continued to increase as a result of its growing active user base which increased 121.2 percent sequentially to 2,530,000 users during the quarter. Man is confident that “the strategy we have in place will continue to increase shareholder value as we work to strengthen the sustainable foundation we have created as China’s leading online sports lottery service.