China's Online Lottery Ban Is Hard On

Hong Kong-based online lottery operator diversifies into payment processing

Once high-flying Hong Kong online lottery seller has undoubtedly been feeling the pain of the Chinese government's ten month "temporary" ban on online lottery sales (see previous InfoPowa reports) and this week started what appears to be a diversification program.
The company has announced an agreement to buy a controlling 63 percent interest in the Chinese licensed online payment processing company Zhejiang Shangmeng Technology Limited for a consideration of US$35.6 million.
Zhejiang operates the processing website, and will work with the management to expand and diversify the business and reduce its own processing costs.

Online Casino News Courtesy of Infopowa