500.com is a leading online sports lottery service provider in China with the largest market share in the six months ended June 30, 2013 and the second largest market share in 2012 in terms of purchase amount of sports lottery products, according to the iResearch Report. The Company acts as an aggregator and processor of lottery purchase orders from its registered user accounts and currently derives substantially all of its revenues from service fees paid to 500.com by provincial sports lottery administration centers for the purchase orders of sports lottery products that are directed to such centers. 500.com offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. The Company is among the first companies to provide online lottery services in China, and is one of the two entities that are authorized by the Ministry of Finance to provide online lottery sales services on behalf of China Sports Lottery Administration Center, the government authority in charge of the issuance and sale of sports lottery products in China. Through continued and significant investments over the past 12 years, 500.com has built a prominent brand, 500wan, which means “five million” in Chinese and is the typical amount of top prizes of most lottery products in China. 500.com believes its brand is known in the industry and by our users for its credibility and reliability.
Troubled online sports lottery operator 500 com reported a US$7.4 million loss in the July to September quarter, based on net revenues of only US$900,000.
Tokyo prosecutors have asked the court to sentence two men involved in witness tampering in relation to the 500 .com bribery scandal to 14 months in prison. These men have confessed to assisting former Senior Vice-Minister of the Cabinet Office Tsukasa Akimoto in bribing witnesses to recant their damaging testimony against the politician.
Every nation that hosts casinos or IRs develops their own set of regulations to govern the industry, but did Japan just happen to throw together a jumble of elements into the mix that has actively invited misfortune?
Mikio Shimoji, forced to leave the Japan Innovation Party (Osaka Ishin) after admitting to receiving a bribe from then-IR hopeful 500 Dot Com, has been attempting, so far unsuccessfully, to join the ruling LDP, which has not punished any of its lawmakers for taking the bribes.
Former Senior Vice-Minister of the Cabinet Office Tsukasa Akimoto has made his first request to the Tokyo court for bail after he was rearrested on witness tampering charges in connection with the 500 .com bribery case.
Two former advisers to a Chinese gambling operator seeking to enter Japan’s nascent casino market were found guilty Monday of bribing a Japanese lawmaker.
It has been ten months since the 500 Dot Com bribery case broke into public view, but the net of justice has yet to fall upon and to wring confessions out of those who are widely believed to be the most guilty.
Online lottery company 500.com said a special investigative committee (SIC) established to probe its role into an alleged bribery scandal in Japan found that there had been no violation of the Foreign Corrupt Practices Act.
Online sports lottery provider 500 .com has announced that its auditor, Friedman LLP, resigned last week in connection with the Japan bribery case, and that it has been able to appoint a new auditor. The statement said, “Friedman has elected to resign as the auditors of the company because of the disagreement with the management […]
Kimihito Kamori, former chairman of Kamori Kanko, has been sentenced to ten months in prison, suspended for two years, for his part in bribing lawmaker Tsukasa Akimoto on behalf of 500 .com’s scheme to build an IR at Rusutsu Village in Hokkaido. According to the charges, which the 77-year-old Kamori pleaded guilty to, he invited […]
Prosecutors have asked that Kimihito Kamori, the former chairman of Kamori Kanko, serve ten months in prison for his role in the 500 .com bribery case. Kamori had been seeking to win an IR bid for his resort in Rusutsu village, Hokkaido, which was in competition with the more powerful Tomakomai bid within the northern […]
500 .com has announced that its Malta-based subsidiary The Multi Group has been granted a renewed e-Gaming license for two years for secondary lottery and casino from Sweden’s e-Gaming regulatory authority. Revenue generated by The Multi Group accounted for approximately 89.7 percent of the company’s total net revenues for the fiscal year ended December 31, […]
Tokyo prosecutors have leaked to the Japanese media that former Senior Vice-Minister of the Cabinet Office Tsukasa Akimoto is heading for rearrest in the 500 .com bribery scandal. The new charges against Akimoto will be brought under the Organized Crime Punishment Law’s sections regarding the bribery of witnesses. Akimoto was first arrested and detained by […]
Two former advisors of China’s 500 .com had admitted to seeking to bribe a Japanese lawmaker in connection with its search for a casino license, according to local media reports.
The 500 .com bribery case is hitting the news headlines again with a second arrest of former Senior Vice-Minister of the Cabinet Office Tsukasa Akimoto. But what the prosecutors have done—and more importantly what they have not done—raises yet another series of doubts about the future of IR development in Japan. After our last coverage […]
China lottery service provider 500.com has continued to suffer from the suspension of online lottery in the country, posting a widened net loss of RMB137.8 million (US$19.6 million) in 19Q2. 500 said the widened loss was due to an impairment provision of RMB57.2 million for goodwill during the second quarter of 2019 and a reversal […]
China lottery service provider 500.com posted a widened net loss in the first quarter of 2019, reaching RMB93.2 million (US$13.9 million), due mainly to a fall in revenue. Net revenues, which consisted primarily of revenue contribution from the company’s online lottery betting and online casino in Europe through The Multi Group (TMG) fell 62.8 percent […]
500.com, a provider of lottery services in China reported soaring revenue for Q2, helped by the early July acquisition of TMG Group, an online lottery betting and online casino platforms operated out of Malta.
Okinawa Governor Takeshi Onaga has made clear that he firmly opposes the establishment of an IR within his island prefecture, but that doesn’t seem to be stopping powerful economic and political forces from seeking to overturn that verdict and to bring a casino to Okinawa nonetheless. Zhengming Pan, CEO of 500.com, a Shenzhen, China, based […]
500. com, a sports lottery service provider in China, reported a net loss of RMB80.7 million ($12.7 million) in 15Q3, compared with a net loss of RMB81.4 million for the same period last year. Net revenues were nil, compared with nil for the second quarter of 2015. Since March 2015, all provincial sports lottery administration […]
China’s online sports-lottery operator, 500.com Ltd, reported a 44 percent drop in operating profit in the fourth quarter last year as it struggles to catch up with the pace of the market. Despite the company finishing the year “on a strong note” with a 52.1 percent year-on-year quarterly increase net revenues, said CEO Man San […]
China’s clampdown on online lottery sales is likely to have a significant impact on the country’s booming lottery market in the short term, but shouldn’t be read as a signal that Beijing is seeking to permanently shut down remote lottery distribution, experts say.
E-commerce giant Alibaba on Tuesday said it was suspending sales of online lottery tickets in China, following in the footsteps of New York Stock Exchange-listed online lottery company 500.com, Tencent and others.
Although estimates vary on how much of the RMB 382.4 billion ($61 billion) in 2014 sales were actually generated online, the amount is thought to have been “substantial.” However, industry insiders say the existing system was badly flawed and the suspension may pave the way for a much needed overhaul.
Both legal lotteries in China, the Welfare Lottery and the Sports Lottery have a national brand and national regulation, but the day-to-day operations are organized at the provincial level. The province is also responsible for generating sales.