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500.com widens net loss as Q4 revenue declines 24%

22nd February 2019 6:17 am GMT

New York-listed lottery operator 500.com has reported a 24 per cent decline in net revenue to RMB27.2m (US$4.0m) for the fourth quarter of 2018.

The bulk of the quarter’s revenue (RMB22.3m) was generated by The Multi Group (TMG), the company’s online lottery betting and casino business in Europe.

Operating expenses increased by 82 per cent year-on-year to RMB273.5m, mainly due to an impairment provision of RMB149.9m relating to the company’s investment in Loto Interactive, as well as [...]

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