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Sumpay sale helps 500.com reduce losses but revenue drought continues

17th August 2016 6:47 am GMT

Chinese lottery solutions provider 500.com has posted an operating loss of RMB89.4m (US$13.5m) for the second quarter of 2016, as the company recorded zero revenue from Chinese online lottery sales for the fifth consecutive quarter.

500.com generated net revenue of RMB1.2m during Q2, due to the rendering of technical and data maintenance services to Sumpay.cn, the payments business it sold in March.

China’s ongoing suspension of online lottery sales meant that it once again failed to generate any revenue [...]

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