New York-listed Chinese sports lottery operator 500.com has agreed a strategic partnership with online food and beverage retailer Yhd.com, a Chinese subsidiary of Wal-Mart Group.
The agreement will enable 500.com to market its sports lottery games to Yhd's 60 million registered online and mobile customers ahead of the FIFA World Cup in June.
500.com said it would provide its technology and experience in managing online lottery products to help Yhd.com to optimize its lottery sales service and promote user registrations and sales through various marketing campaigns.
500.com founder and chief executive Man San Law commented: "We are extremely proud to strike the first ever agreement between a leading B2C e-commerce company and a leading online sports lottery company. Yhd.com's massive user base will greatly expand the reach of our lottery products.
"This is another vote of confidence in our future and the attractiveness of our products and business by one of China's largest e-commerce companies. With the World Cup rapidly approaching, I am confident that this mutually beneficial cooperation will strengthen our position as China's leading sports lottery service provider."
Shares in 500.com (NYSE:WBAI) closed in New York Thursday, prior to the announcement, down 8.30 per cent at $34.68 per share, continuing a week-long decline that has seen the share price fall by more than 18 per cent.