500.com Limited Announces Unaudited Financial Results For the Fourth Quarter and Full Year ended December 31, 2019
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SHENZHEN, China, Feb. 27, 2020 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com," "the Company," "we," "us," "our company," or "our"), a leading online sports lottery service provider in China, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2019.
Suspension of Online Sports Lottery Sales in China
All provincial sports lottery administration centers to which the Company provided sports lottery sales services have suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People's Republic of China on January 15, 2015. In response to the Self-Inspection Notice, on April 4, 2015, the Company decided to voluntarily suspend all online lottery sales services. As a result of the provincial sport lottery administration centers' decision to suspend accepting online lottery orders and the Company's voluntary suspension of all online sports lottery sales services in China, the Company has not generated any revenue from these services since April 2015.
Temporary Suspension of Operations in Sweden
The Multi Group ("TMG"), a Malta-based subsidiary of the Company, has temporarily suspended its operations in Sweden as TMG did not complete the renewal of its e-Gaming license before it expired. The Company has promptly issued 6-K report on January 13, 2020 and provided information update through 6-K report on February 20, 2020. TMG has submitted all the application materials and is in close communication with Sweden's eGaming regulatory authority to complete the renewal process as quickly as possible. The Company's revenues during the first quarter of 2020 have been materially and adversely impacted by the temporary suspension of TMG's operations in Sweden. Revenue generated by TMG accounted for approximately 89.7% of the Company's total net revenues during the fiscal year ended December 31, 2019, of which approximately 61.3% was generated from Sweden.
Fourth Quarter 2019 Highlights
[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, impairment of |
Full Year 2019 Highlights for Continuing Operations
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