BUSINESS

China’s sports lottery enjoys second half of World Cup even more than the first

TAGs: 2014 FIFA World Cup, 500.com, China, china lotsynergy holdings, china vanguard group, sports betting, sports lottery

china-world-cup-sports-lotteryLottery sales in China got a jump in July as sports lottery operators thoroughly enjoyed the second half of the 2014 FIFA World Cup. The Ministry of Finance reported that sports lottery sales rose 93% to RMB 19.8b (US $3.2b), higher than the RMB 19.24b earned in June. Welfare lottery sales were also up 23.5% to RMB 17.4b. Combined, overall sales for the month rose 52.7% to RMB 37.2b.

For the year-to-date, lottery sales are up 23.9% over the same period last year to RMB 215.6b ($35b). Welfare lottery sales are up 16.6% to RMB 115.9b while sports lottery sales rose 33.5% to RMB 99.7b. The Ministry says sales increased in all provinces of mainland China in July, with the biggest increase coming in Tianjin. Jiangsu, Shanghai, Zhejiang and Jiangxi also posted notable year-on-year gains.

Eager to capitalize on the momentum, China LotSynergy Holdings can’t stop inking new lottery technology deals. The Hong Kong-listed company’s Guangzhou Lottnal Terminal Co subsidiary has signed on to supply the Anhui Sports Lottery Administration Center with sports lottery terminal technology. The same subsidiary just won a similar deal with the sports lottery bosses in Zhejiang province.

Not to be outdone, Hong Kong-listed China Vanguard Group (CVG) has inked a deal to provide self-service lottery terminals in Hebei province. The Hebei Sports Lottery Administration Center contract is the second deal CVG announced this month, following up on its deal with the sports lottery bosses in Shandong province.

Finally, online sports lottery operator 500.com has promoted CFO Zhengming Pan to the president’s office. The appointment takes effect Sept. 1. The CFO position will be filled by Min Yu, who was most recently a Deutsche Bank VP in Hong Kong and who helped 500.com list on the New York exchange last year. 500.com CEO Vincent Law said Pan’s elevation to the presidential office will allow Law to focus on growing the company.

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