Hong Kong Online Lottery Firm Buys Social Poker Enterprise

500.com appears to be on the diversity trail as lottery income dries up following China's suspension of online lottery sales

Hit hard by the Chinese government's now 18-month-old anti-corruption 'suspension' of online lottery sales, the Hong Kong-based online lottery firm 500.com appears to be diversifying to survive.
Media reports from the region Friday indicate that the company has made an acquisition move on a social poker platform enterprise, acquiring a 51 percent stake in Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co. Ltd for a consideration of RMB 110.5 million – about US$16.2 million.
Some observers have speculated that 500.com management may be attempting a reprise of last May's sale of online payment processor Sumpay for a quick profit after owning the company for just 5 months, but there is at present no indication that this might be the company's intention.
The loss of online lottery revenues since the Chinese online sales ban was imposed is a compelling reason to hold on to companies that are at least generating some revenue.

Online Casino News Courtesy of Infopowa

About the Author... Total Posts Written: 9,449
Casinomeister

Casinomeister

The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.
bryan@casinomeister.com

See More Posts