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Whats in 500.com Future?
Friday November 7,2014 : UNCERTAINTY CLOUDS 500.COM'S FUTURE
Investment house scales down involvement over legality and financial reportage concerns.
The initial runaway success of New York Stock Exchange-listed Chinese sports lottery provider 500.com appears to be slowing amid uncertainty around its legality vis-a-vis the Chinese authorities, and claims that its financial operational practices are not on a par with those in the United States.
Earlier this year, Chinese media reported that China’s Sports Lottery Administration Center had not authorised any sports gambling websites and that online lottery sales are illegal without authorisation.
500.com management immediately responded, claiming that the company has the operational approval of the central government's Ministry of Finance.
Apparently the Ministry has to date not confirmed this claim.
This week Bloomberg business news reported that one major investor, Prime Capital Management, had reduced its shareholding in the company from 16 percent to below 5 percent, alarming other investors.
The Bloomberg report notes that 500.com shares tripled in value in the first three months of public trading in March this year, but have since plunged 42 percent on uncertainty about the company's legal position and accounting practices. And this week the shares dipped a further 6.8 percent to $28.02. The price is currently $27.86.
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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