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500.com Hurting after Chinese Lottery Ban
Friday, December 4, 2015 : CHINA'S ONLINE LOTTERY BAN IS HARD ON 500.COM
Hong Kong-based online lottery operator diversifies into payment processing.
Once high-flying Hong Kong online lottery seller 500.com has undoubtedly been feeling the pain of the Chinese government's ten month "temporary" ban on online lottery sales and this week started what appears to be a diversification program.
The company has announced an agreement to buy a controlling 63 percent interest in the Chinese licensed online payment processing company Zhejiang Shangmeng Technology Limited for a consideration of US$35.6 million.
Zhejiang operates the Sumpay.cn processing website, and 500.com will work with the management to expand and diversify the business and reduce its own processing costs.
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Macau ATM Transaction Limit Lowered -
The Monetary Authority of Macau moved quickly Friday to quell market concern caused by a newspaper report late Thursday that it was about to slash ATM limits in half .
Vegas Mobile Casino Gets Live Dealer Games -
Vegas Mobile Casino has partnered with Swedish online gambling game developer NetEnt, which has supplied a new live dealer offering that includes desktop Blackjack and desktop and mobile Roulette.
Cosmic Crystals SLot Launches -
1X2 Gaming's latest online slot titled Cosmic Crystals is a 5 reel, 50 pay-line game with a futuristic outer space feel, gems galore, and features that include a sticky Wild reel, re-triggering Free Spins, Scatters and a claimed 95 percent RTP.
Australian Open To Dunp Gambling Ads -
Court-side advertisements, which have been criticized as promoting gambling and thereby contributing indirectly to the specter of match-fixing, are to be discontinued in 2017 from the Australian Open tennis championships, Tennis Australia has confirmed.
BaFin CrackDown on Spread Betting -
The UK Financial Conduct Authority's crackdown on financial and stocks spread betting via contracts for difference has been followed by similar moves in Germany, where the financial regulator BaFin announced similar new restrictions Thursday.
How is the CDC Group Spending its Money -
Questions are being asked about how the UK government's private equity arm, the CDC Group plc (formerly the Commonwealth Development Corporation) spends the billions it is allocated to alleviate international poverty, The Guardian newspaper reported Friday.
Voodoo Slot Released -
The Prague-based online gambling games developer Endorphina is going against the trend of Christmassy-themed offerings at this time of the year, instead going for the popular horror genre in its new slot Voodoo, released to operators today (Friday).
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