500.com Signs Lottery Deal, Financials Struggle

Chinese betting group 500.com is continuing to struggle fiscally as an online lottery freeze continues to impact the industry. To combat matters a bit, the group announced that they've signed a land-based lottery agreement in an effort to diversify its interests.

The company released financial results last week, revealing that revenues amounted to $38.4 million Yuan, but also posted a net loss of 76.7 million Yuan for the first quarter. These results show that most of that revenue came from Nordic online betting site Multilotto.com, with the company seeing plummeting numbers in China due to the lottery freeze.

To combat this, the company announced that they've signed a five year agreement with Loto Interactive Information Technology, which will let the group purchase lottery terminals for sportsbetting throughout China. The group has the ability to buy up to 10,000 machines, and 1,000 have already been purchased.

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bgsharpe
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21 May 2018 - 3:06pm
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Seems like the future of a lotto companies like these in China is quite uncertain right now and like we could read in the news above they looking for all kind of other ways to raise their revenues back to the original values, looks like it wont be easy though.

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