Asian-facing online sports lottery company 500.com released its second quarter 2016 financial results, noting that they brought in zero revenues during the period because of its suspension by Chinese authorities.
500.com reported online sports lottery revenues of nil, which matched the first quarter of 2016 and the fourth quarter of 2015. The net revenues of the company as a whole were RMB1.2 million, down from RMB2.2 million the quarter prior.
Speaking about his company's suspension and the impact of the ban, 500.com CEO Zhengming Pan said, "We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial and operational results for the second quarter of 2016. We want to restate that the Company was one of the two entities approved by the Ministry of Finance in 2012 to provide online lottery sales services on behalf of the China Sports Lottery Administration Center."