Chinese on the web lottery 500.com has entered the ny Stock Exchange, and appears to be winning (Image: Wan Li/China day-to-day)
Investors in Chinese online lottery platform 500.com Ltd. are off to a happy begin to the New 12 months; into the six weeks since its New York Stock market birth, the value associated with company has almost tripled from its initial public offering cost of $13.
Winning the Lottery Lottery
As the only Chinese lottery firm to be placed in the United States, 500.com is one of merely a handful of companies set to enjoy the Chinese government’s whittling down of thousands of private lottery operators, because they permit and regulate the industry to just a tiny number of businesses. Each of these will ultimately be vying for a possible market of over 400 million lottery players in the nation.
‘Over the next 5 years it is extremely clear that the Chinese market will continue steadily to develop quickly plus 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 removed remarkably in recent years, many thanks to a rise in disposable earnings throughout the country, as well as a appetite that is national gambling and advancements in gaming technology. Because of this, Asia’s lottery spending reached $23 billion in 2012, while the U.S. the largest lottery market in the planet was still s (more…)