500 Dot Com reports losses as its major problems remain unsolved

500 Dot Com reported substantial operating losses and at the same time made clear its statements that none of the major challenges it is facing has yet been solved.

Net revenues for the first quarter of 2020 were RMB3.1 million (US$0.4 million), compared with RMB11.6 million for the first quarter of 2019, an 88 percent year-on-year decline. Operating losses came in at RMB36.8 million (US$5.2 million).

The company noted that the online sports lottery services in China that had formed its original basis remain suspended and have not generated any revenue since April 2015.

Likewise, the operations of the The Multi Group (which became its wholly-owned subsidiary in April after the purchase of the remaining 7 percent share), have remained suspended in Sweden, its main market, due to a failure to successfully renew its license.

“The Multi Group has submitted all the application materials and is in close communication with Sweden’s e-Gaming regulatory authority to complete the renewal process,” the company statement said.

Meanwhile, 500 Dot Com also reported that its internal investigation regarding bribery allegations in Japan is still incomplete, and therefore there has been no resolution on this front either.

Related Articles

500.com says CTO resigns, no plans to appoint successor

China lottery company 500.com said Zhaofu Tian has resigned as Chief Technology Officer due to personal reasons, effective December 31. The company has no plan to appoint a successor at this point.

500 Dot Com still waiting to resume crucial Sweden operations

Shenzhen-based online sports lottery service provider has announced that Swedish regulators continue to hold up its eGaming license to the financial detriment to the firm. The Multi Group, which is a Malta-based subsidiary of the company, has been awaiting the renewal of its eGaming license in Sweden, which formerly produced more than 60% of the […]

Zhengming Pan out at 500 Dot Com

A Sunday filing to the US Securities and Exchange Commission revealed that former Director and CEO Zhengming Pan had resigned from 500 Dot Com, effective immediately. Tian Zhaofu was listed as Acting CEO of the Shenzhen-based sports lottery provider. The filing stated, “Pan was also a member of the Strategic Planning Committee and Nominating and […]