The Multi Group Suspends Operations in Sweden
500.com has announced that the The Multi Group, a Malta-based subsidiary of the Company, has temporarily suspended its operations in Sweden as TMG did not complete the eGaming license renewal before its expiration.
TMG is in close communication with Sweden’s eGaming regulatory authority and expects to renew its license and resume operations in Sweden in mid-February 2020.
The Company expects that revenues from TMG during the first quarter of 2020 will be materially and adversely impacted by the temporary suspension of operations in Sweden. Revenue generated by TMG accounted for approximately 99.1% of the Company’s total net revenues during the third quarter of 2019, of which approximately 61.3% was generated from Sweden.