500.com Limited Announces Resumption of Operations in Sweden
500.com Limited (NYSE: WBAI) has announced the resumption of operations in Sweden through its subsidiary, the Multi Group (TMG). This follows the renewal of TMG's e-Gaming license for two years, allowing it to conduct secondary lottery and casino activities. Notably, revenue from TMG comprised approximately 89.7% of 500.com's total net revenues for the fiscal year ending December 31, 2019, with around 61.3% sourced from Sweden. The company continues to be a significant player in the online sports lottery market in China.
- Renewed e-Gaming license for TMG enables resumed operations in Sweden.
- TMG accounted for 89.7% of total revenue in fiscal year 2019.
- Heavy reliance on Swedish market, which generated 61.3% of total revenue.
SHENZHEN, China, Sept. 9, 2020 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com," "the Company," "we," "us," "our company," or "our"), an online sports lottery service provider in China, today announced the resumption of its operations in Sweden.
The Multi Group ("TMG"), a Malta-based subsidiary of the Company, has resumed its operations in Sweden after having received a renewed e-Gaming license for two years for secondary lottery and casino from Sweden's e-Gaming regulatory authority.
Revenue generated by TMG accounted for approximately
About 500.com Limited
500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For more information, please contact:
500.com Limited
ir@500wan.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
Email: Eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
View original content:http://www.prnewswire.com/news-releases/500com-limited-announces-resumption-of-operations-in-sweden-301126481.html
SOURCE 500.com Limited
FAQ
What recent announcement did 500.com Limited (WBAI) make regarding operations in Sweden?
How much of 500.com's total revenue came from TMG in 2019?
What percentage of TMG's revenue was generated from Sweden in 2019?
How long is the renewed e-Gaming license for TMG valid?
