Saturday, August 13, 2022

500 suspends lottery operations in Sweden


Chinese lottery service provider 500 dot com, says it has temporarily suspended its operations in Sweden, as it failed to renew its license before its expiry. 

The Multi Group (TMG), a Malta-based subsidiary of the company has been in close communication with the Sweden eGaming regulatory authority and expects to renew its license and resume operations in mid-February. 

500 dot com said it expects revenues from TMG, which is its main revenue source, will be materially impacted by the suspension of operations. 

Revenue generated by TMG accounted for approximately 99.1 percent of the Company's total net revenues during the third quarter of 2019, of which approximately 61.3 percent was generated from Sweden, it said.

The latest announcement comes on the heels of a bribery scandal involving the company and several Japanese lawmakers.

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