Tag Archives: taobao.com
- China’s Taobao.com cracks down on prop bets disguised as ‘insurance’ policies
June 24, 2016
Vendors on China’s popular Taobao online marketplace have been told to stop offering ‘insurance’ policies that appear to violate the country’s gambling laws. Earlier this week, the Chinese-language Legal Mirror quoted a Taobao spokesman saying the platform was “paying close attention to ensure imaginative ideas are not being improperly presented...
- Online lottery suspension dragging down China lottery sales, Alibaba revenue
August 25, 2015
China’s suspension of online lottery sales took a big bite out of July’s overall lottery sales revenue. The Ministry of Finance says total lottery sales in July were RMB 27.1b (US $4.2b), a decline of 27.3% from the same month last year. Welfare lottery sales fell 10.6% to RMB 15.6b...
- Alibaba Group latest to suspend online lottery sales; 500.com braces for lawsuit
March 1, 2015
Chinese e-commerce giant Alibaba Group has become the latest to pull its online lottery services offline as Beijing looks to clean up the lottery business. On Saturday, Alibaba’s consumer site Taobao.com and mobile payment service Alipay abruptly suspended online lottery sales. The Taobao Lottery’s official Weibo account informed players that...
- World Cup bet crackdown continues; China tech co’s fight over sports lottery
June 26, 2014
Malaysian authorities have broken up an illegal sports betting ring believed to have handled wagers totaling Rm 105m (US $32.6m) since the 2014 FIFA World Cup kicked off two weeks ago. On Tuesday, police in Kuala Lumpur raided an office park after four weeks of surveillance, arresting four suspects and...
- China’s sports lottery nearly doubles 2010 World Cup wager total in just nine days
June 24, 2014
The 2014 FIFA World Cup is pushing China's sports lottery to dizzying new revenue heights. On Tuesday, the China Sports Lottery Administration Center reported that average daily sales have quadrupled to over RMB 400m (US $64.2m) since the World Cup action kicked off on June 12 and they’re still climbing....
AGTech inks online lottery deal with China’s Alipay
March 24, 2017
Huobi wants Chinese bitcoin users to explain source of funds
March 22, 2017