More disappointing results for 500.com
500.com reported its unaudited financial results for the third quarter ended September 30, 2019.
Revenues were $1.4 million for the three months ended September, down 67% from the same period of 2018 and up 1% from the second quarter of 2019.
The company attributed the year-over-year decrease in revenue to a reduction of $2 million resulting from the website migration in connection with the conversion of TMG’s Swedish license.
Zhengming Pan, the chief executive of 500.com, said in the statement, “We also have started operations in Tianjin, Hunan, Hubei and Guangxi in China. We released the Blue Paper on Blockchain Technology for China’s Lottery Industry in November 2019, which provides an in-depth study on the current state and needs of China’s lottery industry and outlines plans to drive its sustainable development using blockchain technology.”