500.com posts $10.9 mln net loss in 17Q3

Chinese lottery supplier 500.com recorded a net loss of RMB 72.2 million ($10.9 million) in the third quarter of 2017, with the temporary suspension of online lottery sales continuing to weigh.

Net revenues increased to RMB43.2 million, up from RMB19.3 million in the second quarter and nil in 16Q3.

The company noted its acquisition of a 93 percent interest in The Multi Group in July 17, 2017 for EUR49.8 million, was consolidated in the quarter.

The Multi Group engages in operating Multilotto.com which is considered one of the top online lottery betting and online casino platforms in the Nordic countries where it holds substantial market share.

Operating under a Curacao e-Gaming license, Multilotto has a strong and balanced customer portfolio that has created a solid foundation for its expansion across Europe. The Multi Group was also granted remote gambling licenses from Malta, remote operating licenses from the UK and a remote bookmaker's license from Ireland, which will further strengthen its market position and ability to rapidly expand into new geographic regions, said the company.

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