500.com Enters into Framework Agreement with the China Sports Lottery
500.com, a leading online sports lottery service provider in China, announced that the Company and the China Sports Lottery Administration Center (the “Sports Lottery Center”) entered into a framework agreement (the “Framework Agreement”) today, under which both parties plan to cooperate to develop physical channels to sell sports lottery tickets (the “Project”).
Under the Framework Agreement, the Sports Lottery Center will provide support to the Project. In the meantime, the Company will seek to enter into cooperation agreements with provincial (including regional and municipal) sports lotteries centers to assist in installing sports lottery terminals and provide relevant maintenance and operational services in accordance with local development plans for sports lottery business and requests of such provincial (including regional and municipal) sports lotteries centers, in order to enhance the convenience of sports lottery ticket purchases, enlarge customer base and optimize user experience for lottery purchasers.
The Sports Lottery Center is the sports lottery issuance agency established by the General Administration of Sports in accordance with relevant laws, and it is the government authority in charge of the issuance and organizing sales of sports lottery products in China.