Chinese online lottery 500.com has entered the New York Stock Exchange, and appears to be winning (Image: Wan Li/China everyday)
Investors in Chinese lottery that is online 500.com Ltd. are off to a start that is happy the New 12 months; within the six days since its nyc Stock market birth, the value regarding the company has almost tripled from the initial public offering cost of $13.
Winning the Lottery Lottery
As the only Chinese lottery firm become listed in the United States, 500.com is one of just a handful of businesses set to gain benefit from the Chinese government’s whittling down of thousands of private lottery operators, as they license and regulate the industry to just a little number of businesses. Most of these will ultimately be vying for the market that is potential of 400 million lottery players in the united states.
‘Over the next five years it’s very clear that the Chinese market will continue to grow rapidly as well as the government regulatory regime can be more open and transparent,’ explained 500.com’s main financial officer Zhengming Pan.
China’s lottery market has removed remarkably in recent years, thanks to a rise in disposable income throughout the country, and a appetite that is national gambling and advancements in gaming technology. As a result, Asia’s lottery spending reached $23 billion in 2012, while the U.S. the largest lottery market in the planet was still staunchly in