500.com net loss widens in 19Q1 on Europe woes

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 to RMB14.3 million in the quarter.

The company said the decrease was mainly attributable to website migration in connection with the conversion of the Swedish license in TMG, which required users to re-register, and the cessation of sports information services in China in March 2019.

On Tuesday, the company also announced the stepping down of its chairman, Mr. Huixuan Wang, effective June 1, 2019.

Replacing Mr. Wang is Mr. Xudong Chen, who has been the executive vice president of Tsinghua Unigroup since April 2019.