500.com sees 5% YOY increase in Q4 revenue
500.com, an online sports lottery service provider in China, reported RMB9m ($1.4m) in revenues for Q4 2020, a 5% increase from RMB8.6m recorded in Q4 2019. It’s also a 48% quarterly growth compared to Q3 revenues with RMB6.1m.
Operating loss for Q4 2020 was RMB51.4m, an improvement from the RMB307.1m for the same period the previous year. The company also saw a net loss for Q4 drop from RMB322.7m in 2019 to RMB56.1m in 2020.
In addition, for the full year ending on 31 December 2020, the company reported RMB21.8m in revenues, a slight decline compared to RMB39.7m in 2019. Operating loss for the period was RMB190.8m, net loss was RMB223.2m, compared to RMB651.3m in 2019.
According to the statement, 500.com signed a share subscription agreement with Loto Interactive Limited to acquire more of the company’s shares worth HKD105m (approximately $13.5m). It would increase 500.com’s interest in the company from 33.7% to 54.2%, and Loto Interactive is expected to become a subsidiary of 500.com.
Based on the success Loto Interactive had with Bitcoin mining, 500.com’s board of directors greenlit the focus on the blockchain and cryptocurrency industries. The company signed an agreement to acquire 5,900 bitcoin mining machines from a non-US seller for a total consideration of approximately RMB55.2m (approximately $8.5m).
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