500.com posts $11.3 million loss in 16Q3

Online sports lottery provider 500.com has reported a net loss of RMB 75.3 million ($11.3 million) for the third quarter of 2016.

The net loss is more than double that of the second quarter of 2016, which was RMB 27.7 million, but narrower than a net loss of RMB 80.7 million recorded in 15Q3.

“Mr. Zhengming Pan, the CEO of 500.com, stated, "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 third quarter of 2016.”

The company reported nil revenue for the quarter.

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