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With its share price falling, 500.com confirms that it possesses all necessary licensing

Thursday September 11,2014 :  CHINESE ONLINE SPORTS LOTTERY REASSURES THE MARKET
 
With its share price falling, 500.com confirms that it possesses all necessary licensing.
 
Rumour and speculation arising from an investment conference followed by an online article that questioned to legality of licensing and other aspects of the successful and fast-growing Chinese sports lottery provider 500.com have prompted the company to issue a rebuttal as share prices declined.
 
500.com emphasised that:
 
* Full disclosure on its business and operations has at all times been made;
 
* It challenges allegations that its authority to operate is unclear;
 
* That the company has all necessary approvals, licensing and authority to operate from the Ministry of Finance of the People's Republic of China, and is authorised to provide online sports lottery services on behalf of the China Sports Lottery Administration Center;
 
* This authorization can be confirmed through the MoF's official website at the following link:
http://zhs.mof.gov.cn/zhuantilanmu/caipiaoguanli/201310/t20131030_1005120.html
 
The questions around 500.com were originally posed by Carson Block, presenting earlier this week at the Value Investing Congress.
 
Among the red flags on 500.com (according to Block) are complex tax status, with 72 percent of revenues last year coming from a tax benefit, employee bank accounts being used to collect winnings, and spurious claims of 20 million downloads of its app last quarter.
 
500.com refutes all of Block's "unsubstantiated speculations," the company said in a statement.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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