Smaller Losses For China-facing Online Lottery Provider

But Chinese suspension continues to drag on performance

Zhengming Pan, CEO of the China-facing online lottery provider, again flagged the long-running government suspension of sports lottery services in China in posting Q2-2016 results this week, noting:
"We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial and operational results for the second quarter of 2016."
However, the company reported that its net losses on a year-on-year bases were lower at RMB 27.7 million ($4.2 million) compared to the net loss of RMB 81.4 million in Q2-2015, and that it had generated net revenue of RMB 1.2 million compared with the nil return registered in the same period last year.
The company anxiously awaits notification from the Ministry of Finance regarding a resumption date for online sports lottery sales.

Online Casino News Courtesy of Infopowa

About the Author... Total Posts Written: 9,461


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.

See More Posts