Tag Archives: 500.com

500.com makes play to acquire China lottery tech firm MelcoLot
May 29, 2017
Online sports lottery technology provider 500.com has made a play to acquire land-based lottery technology firm MelcoLot Ltd. in a bid to diversify its revenue stream. On Monday, the Shenzhen-based, Nasdaq-listed 500.com announced that it had reached a share purchase agreement with Melco LottVentures Holdings Ltd, a subsidiary of Melco...
500.com buys Maltese parent of Multilotto.com
May 26, 2017
Struggling online lottery operator 500.com has made another attempt to diversify its business model by acquiring the parent company of Nordic-facing online gambling operator Multilotto.com. On Friday, the Nasdaq-listed 500.com announced that it had reached a deal to acquire 93% of the outstanding shares of The Multi Group Ltd, the...
China arrests 203 over bogus online lottery operation
May 17, 2017
Chinese authorities have arrested over 200 people in connection with an online lottery fraud operation. On Wednesday, China’s state-run media agency Xinhua reported that police in Shaanxi province had raided three locations earlier this month and detained 203 individuals, of whom over 100 will face criminal charges in connection with...
500.com goes another year with nil sports lottery revenue
March 2, 2017
Lunar new year celebrations are being blamed for a double-digit decline in China's lottery sales in January. Figures released by China’s Ministry of Finance show lottery sales falling 10.7% to RMB 29.16b (US $4.24b) in January. Welfare lottery sales were off 10.6% to RMB 19.15b and sports lottery sales fell...
China’s sports lottery sales enjoy double-digit gains in 2016
January 23, 2017
China’s lottery sales enjoyed a healthy boost in 2016 as the Euro 2016 football tournament helped offset the ongoing online lottery prohibition. Figures released Monday by China’s Ministry of Finance showed overall lottery sales of RMB 394.6b (US $57.8b) in 2016, representing a year-on-year improvement of 7.3%. That marks a...
500.com acquires Chinese mobile social poker operator
November 26, 2016
Chinese online sports lottery operator 500.com has taken a controlling stake in a social poker business in an attempt to diversify its currently non-existent revenue stream. On Friday, 500.com announced that it had taken a 51% stake in Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co. Ltd, which...