Published
OnlineCasinoLotteryFinancialSports Betting

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.

500

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).


Asia News Sponsor
Premium+ Connections
Premium

Digitain

 
 
Premium

1xBet Partners

 
Premium

Sport Generate

 
Premium

RISK

 
Premium

GammaStack

 
Premium

PIN-UP Partners

 
 
Premium

Imagine Live

 
Premium

Lynon

 
Premium

Galaxsys

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Esportes Gaming Brasil

Ana Carolina Luna Maçães

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...