500.com Sees Revenue Fall 37.1% in 3Q

Lottery group 500.com has posted their third-quarter 2020 financials results, noting that revenues for the period were down 37.1%.

Revenues for the period came in at RMB6.1 million, with Swedish operations generating RMB3.3 million. The numbers are lower due to the Swedish operation seeing its gaming license suspended in January when a clerical error didn’t see the license renewed. Moving ahead this won’t be an issue, as the license was restored in mid-September.

Operating costs was down 29% to RMB56.2 million, with administrative costs up 7.7% to RMB46.4 million. Other operating income was down to RMB487,000, and the company posted a pre-tax loss to RMB43.4 million.

500.com has seen some turmoil in recent months as the company’s CEO and chairman resigned after an investigation was initiated into consultants who reportedly bribed Japanese politicians in an effort to break into the nascent casino industry in the country. The future of the company appears to be stabilizing, but there’s no indication of how the moves will impact the company’s next-quarter financials.

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