Website report indicates that authorities have agreed on the operation of the web-based lottery industry
Chinese lottery operators hit by February's suspension orders from local authorities following a central government directive (see previous InfoPowa reports) will be relieved by the news Thursday that the suspensions may be lifted within the next 8 weeks.
The news that the suspension may be lifted soon was broken by Tencent's technology news website, which quoted from an unpublished government document reporting that Chinese officials have reached an agreement on the operation of the web-based lottery industry, signaling a restart of sales "soon."
The news was enough to boost 500.com's shares by 18 percent, its biggest jump in 11 weeks. The company has lost 76 percent of its value since the highpoint in its shares in March 2014.
Along with other companies, 500.com temporarily shut down its online lottery offering in February on the directions of local authorities, who were tasked by the central government with reviewing the activities of operators, some of whom were suspected of not accurately declaring their financial results.
China's Huatai Securities Company opined that Chinese lawmakers are likely to support the further development of the internet lottery sector to provide funding for the nation's sports industry.
Online Casino News Courtesy of Infopowa