500.com resumes Sweden operations after license renewal
500.com Limited, an online sports lottery service provider in China, has announced the resumption of operations in Sweden.
The company’s Malta-based subsidiary The Multi Group, renewed its e-gaming license for two years for secondary lottery and casino, granted by Sweden’s e-gaming regulatory authority.
The Multi Group is licensed by Malta and operates Multilotto.com and Multilotto.se sites. The Swedish Gambling Authority (SGA) suspended the company’s license in January when the company failed to complete the renewal process in time.
The company intended to resume operations in late February, but the reinstatement of its license took time, with the process coinciding with a corruption scandal in Japan which involves 500.com.
Revenue from The Multi Group made up around 90% of the company’s total net revenues for the fiscal year ended December 31, 2019. 61% of it was generated from Sweden. For Q2 2020, 500.com reported net revenue of RMB3.6m ($500,000) and an operating loss of RMB52.3m.
The released statement didn’t provide any additional information regarding the connection with the Japan bribery case, as the internal investigations are still ongoing.
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