500.com Posts Revenues For Q2-2014
Wednesday August 13,2014 : WORLD CUP FOOTBALL BOOSTS 500.COM RESULTS
Online sports lottery posts new record on World Cup earnings.
Nasdaq-listed Asian online sports lottery firm 500.com has posted net revenues of $25.2 million (RMB 156.1 million) for Q2-2014, representing a 73.8 percent increase from the first quarter of 2014 and a 185.4 percent increase from the second quarter of 2013, thanks largely to a boost in revenues from the recent World Cup football festival in Brazil.
Operating profit was $9.6 million, up 87.7 percent on Q1-2014 and a massive 436 percent increase on Q2-2013.
"I am pleased to report a record quarter of solid growth across the board," Man San Law, founder, chairman and CEO of 500.com reported to shareholders.
"Our growth momentum continued with revenue increasing significantly during the quarter as a result of the 2014 FIFA World Cup.”
Mainly Chinese online punters wagered $337.4 million, a new record for the company and up almost 200 percent on the previous year.
The company’s mobile channels delivered increased volume, with traffic from this source constituting 34.3 percent of all purchases made.
The success of the mobile channel prompted Man San Law to observe:
"With mobile purchases exceeding one third of total purchases made for the first time, we will continue to invest in R&D and marketing as we look for new ways to innovate our mobile services and expand our user base to solidify our leading position,"
500.com’s active user base increased 121.2 percent sequentially to 2,530,000 users during the second quarter.