Lottery service provider 500.com reported a significant uptick in revenues for the second quarter of 2017, primarily generated from mobile gaming and sports information services.
Net revenues for the quarter was was RMB 19.3 million, compared to RMB1.2 million for the second quarter of 2016.
The operator, however reported a net loss of RMB 52.6 million (US$7.8 million) for the second quarter of 2017.
"As part of our effort to expand our business scope and create additional revenue sources, we have commenced our sports information and mobile gaming businesses since the fourth quarter of 2016, and have witnessed steady revenue growth from them,” said Zhengming Pan, the CEO of 500.com.
The company in June acquired a 40.65 percent stake in MelcoLot limited, as well as a 93 percent equity interest in The Multi Group Ltd in July.
“We believe that these businesses and strategic acquisitions will create strong synergies with our existing operation platform,” added Zhengming.
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