500.com, an online sports lottery service provider in China, has reported its financial results for the second quarter of 2018.
Net revenues for Q2 stood at RMB30.4m (US$4.6m) compared to RMB38.4m in the first quarter of 2018, but matching the RMB4.6m figure of Q2 2017.
The operating loss of RMB76.2m compared favourably with the RMB76.7m loss for Q1 2018, but was greater than the RMB74.8m loss in Q2 2017.
Net loss attributable to 500.com was RMB52.9m, compared with RMB58.6m for the first quarter of 2018, and RMB52.6m for the Q2 2017.
Zhengming Pan, the CEO of 500.com, said: "Since we voluntarily suspended our online lottery sales operations in April 2015, we have continued to engage in new and promising initiatives to increase our revenue base. For example, we acquired TMG in July 2017, and this acquisition has significantly increased our revenue.
"In addition, in March 2018, we entered into a framework agreement with CSLA, under which, both parties plan to cooperate to develop physical channels to sell sports lottery tickets. In that regard, we have entered into framework agreements with Tianjin, Hunan and several other provinces and cities in China, to assist them in developing physical sales channels of sports lottery tickets. In addition, we have started a trial operation in Tianjin Municipality. We will continue to look for opportunities to enhance shareholders' value."
