Media reports Thursday suggest that the lottery suspension imposed by order of the Chinese central government could be lifted in the following 8 weeks. This will come to relieve many lottery operators that were hit by February's suspension orders from Chinese local authorities.
Tencent's technology news website were the first to report this information quoting an unpublished government document, which reported that state officials have agreed to restart online lottery sales and operations “soon”.
Following the news, 500.com's shares have risen by 18%, the company's largest jump in 11 weeks. Since March 2014, when the company reported its highest value, the company reported a 76% of its value.
500.com was forced to shut down its online lottery temporarily in February, along with a number of other companies. This was ordered by local authorities on behalf of the central government after reviewing operator activities and suspecting some of not declaring accurate financial results.
China's Huatai Securities Company believes that lawmakers are most likely going to express further support for the internet lottery industry, which could be a potential source of funding for China's sports industry.
Tencent's technology news website were the first to report this information quoting an unpublished government document, which reported that state officials have agreed to restart online lottery sales and operations “soon”.
Following the news, 500.com's shares have risen by 18%, the company's largest jump in 11 weeks. Since March 2014, when the company reported its highest value, the company reported a 76% of its value.
500.com was forced to shut down its online lottery temporarily in February, along with a number of other companies. This was ordered by local authorities on behalf of the central government after reviewing operator activities and suspecting some of not declaring accurate financial results.
China's Huatai Securities Company believes that lawmakers are most likely going to express further support for the internet lottery industry, which could be a potential source of funding for China's sports industry.
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