China social platform in the spotlight for facilitating gambling

China Daily reports that the online social platform, Xingqiu, is under suspicion for facilitating gambling.

Gambling is reportedly facilitated through live video streaming guessing contests which invite players to bet using virtual currency.

According to a Beijing News report, organizers deny illegal practice saying, as players do not exchange virtual currency for real money, it’s not gambling.

If the reports are accurate, the platform is playing a dangerous game, as it is believed that the platform, who “receive virtual money as a gift from the player”, do exchange the currency for real money through underground exchanges.

The report reveals some players had lost over one million yuan ($145,180) within a few months.