New York-listed Chinese sports lottery operator 500.com has maintained that it has the relevant approvals from China’s Ministry of Finance relating to its online lottery business, after shares in the company slumped in New York yesterday following reports in China that had questioned its legality.

Shares in the company fell by more than 15 per cent in trading Wednesday, despite the company posting better-than-expected results for the first quarter of 2014.

This followed reports in Chinese media earlier that day which questioned the legality of its Chinese online sports lottery business, and had claimed that the China Sports Lottery Administration Center had not authorised any sports lottery websites.

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