Chinese on the web lottery 500.com has entered the New York Stock market, and is apparently winning (Image: Wan Li/China day-to-day)
Investors in Chinese online lottery platform 500.com Ltd. are off to a start that is happy the New Year; into the six weeks since its New York Stock Exchange birth, the value associated with the company has almost tripled from the initial public providing cost of $13.
Winning the Lottery Lottery
As the only Chinese lottery firm become listed in the United States, 500.com is one of merely a handful of businesses set to benefit from the Chinese government’s whittling down of thousands of private lottery operators, because they license and regulate the industry to just a small number of organizations. All of these will ultimately be vying for a prospective market of over 400 million lottery players in the nation.
‘Over the next five years it’s very clear that the Chinese market will continue to develop rapidly while the federal government regulatory regime becomes more open and transparent,’ explained 500.com’s Chief officer that is financial Pan.
China’s lottery market has flourished remarkably in recent years, many thanks to a rise in disposable income through the country, as well as a appetite that is national gambling and advancements in gaming technology. As a result, China’s lottery spending reached $23 billion in 2012, while the U.S. the lottery market that is largest in th Continue reading