500.com Ltd. (WBAI) Provides Update on Suspension of Sales by Provincial Sports Lottery
Get Alerts WBAI Hot Sheet
Join SI Premium – FREE
500.com Limited (NYSE: WBAI) today made an announcement in furtherance to the Company’s announcement on February 25, 2015 with regard to the suspension of sales by certain provincial sports lottery administration centers. On February 28, 2015 the Company was further informed by the remaining provincial sports lottery administration centers to which the Company provides sport lottery sales services that such provincial sports lottery administration centers also plan to temporarily suspend accepting online purchase orders for lottery products, in response to the Notice on Issues Related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales. The Company notes that during the temporary suspension period the Company plans to continue processing online orders for lottery products that are distributed by local lottery stations and represented by paper lottery tickets. As a result, the Company expects transaction volume to decrease significantly and in turn the Company’s financial results will likely be materially and adversely impacted during the temporary suspension period. The Company plans to actively engage in conversation with the competent government authorities with regard to such temporary suspension and will make announcements with updates on the situation once available.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
- Citi breaks down Volkswagen's China strategy
- Meritage Homes Corporation (MTH) Tops Q1 EPS by 151c; offers guidance
Create E-mail Alert Related Categories
Corporate News, Guidance, Hot Corp. NewsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!