Mobile gaming boosts 500.com revenues in 17Q2

Lottery service provider 500.com reported a significant uptick in revenues for the second quarter of 2017, primarily generated from mobile gaming and sports information services.

Net revenues for the quarter was was RMB 19.3 million, compared to RMB1.2 million for the second quarter of 2016.

The operator, however reported a net loss of RMB 52.6 million (US$7.8 million) for the second quarter of 2017.

"As part of our effort to expand our business scope and create additional revenue sources, we have commenced our sports information and mobile gaming businesses since the fourth quarter of 2016, and have witnessed steady revenue growth from them,” said Zhengming Pan, the CEO of 500.com.

The company in June acquired a 40.65 percent stake in MelcoLot limited, as well as a 93 percent equity interest in The Multi Group Ltd in July.

“We believe that these businesses and strategic acquisitions will create strong synergies with our existing operation platform,” added Zhengming.

More news from this jurisdiction

Mainland ChinaWednesday, Nov 15, 2017

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.

Elsewhere, Mainland ChinaWednesday, Nov 15, 2017

The year 2024 may mark the first time esports is recognized as an Olympic Games medal event, says esports experts.

Mainland ChinaSunday, Nov 12, 2017

AGTech Holdings reported strong revenue growth for the third quarter of 2017, driven by its new Gaming and Entertainment division launched earlier this year.

Mainland ChinaTuesday, Nov 07, 2017

Chinese tourists will soon find it near impossible to join domestic tours that involve gambling, sex or drugs under new regulations from the Chinese National Tourism Administration.

Mainland ChinaWednesday, Nov 01, 2017

Lottery sales in Mainland China increased by 15.1 percent year-on-year to approximately RMB36.9 billion (US$5.6 billion) in September.

Mainland ChinaWednesday, Nov 01, 2017

Mainland Chinese lottery supplier 500.com Ltd has announced the stepping down of its chairman, Mr. Lian Qi, effective November 1, 2017.

Mainland ChinaThursday, Oct 26, 2017

The Hainan government has put a temporary block on private investors registering companies in the online gambling business.