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Chinese online lottery suspension continues to hammer 500.com

23rd May 2016 11:14 am GMT

Chinese lottery solutions provider 500.com has revealed an operating loss of RMB97.3m (approx.€13.2m) for the first quarter of 2016, as China's ongoing suspension of online lottery sales continues to decimate the business.

Revenue for the first quarter did climb 214.3 per cent to RMB2.2m compared to the final quarter of 2015, although this represented a major drop from the RMB98.8m generated in the prior year period.

The Q1 revenue was derived primarily from technical and data maintenance services related to payment processor Sumpay.cn, in which [...]

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