Chinese online lottery reports further losses
News on 8 Nov 2018
News on 8 Nov 2018
Hong Kong-based online lottery provider 500.com continued to grapple with widening losses in its Q3-2018 reportage this week, despite revenues boosted by European sales from subsidiary The Multi Group.
Net loss at the company in the third quarter reached RMB101.6 million, compared with a net loss attributable of RMB72.2 million a year ago, due mainly to increased share-based compensation expenses of RMB29.3 million.
Net revenues were RMB30.1 million ($4.4 million), up 3.8 percent from the prior year. Online subsidiary The Multi Group in Malta accounted for 78.1 percent of total revenue.
500.com continues to struggle after the Chinese government imposed a “temporary” suspension of online lottery activity based on allegations of corruption, but that was over three years ago in 2015, and there has been no sign of relief from the Chinese government.
“Since we voluntarily suspended our online lottery sales operations in April 2015, we have continued to engage in new and promising initiatives to increase our revenue base,” said CEO Zhengming Pan.
