Chinese on the web lottery 500.com has entered the ny Stock market, and appears to be winning (Image: Wan Li/China frequent)
Investors in Chinese lottery that is online 500.com Ltd. are off to a happy begin to the New Year; in the six weeks since its New York Stock Exchange birth, the value regarding the company has almost tripled from its initial public providing cost of $13.
Winning the Lottery Lottery
As the only Chinese lottery company to be listed in the United States, 500.com is one of merely a handful of companies set to benefit from the Chinese government’s whittling down of thousands of private lottery operators, as they permit and regulate the industry to just a small number of organizations. Every one of these will ultimately be vying for the market that is potential of 400 million lottery players in the nation.
‘Over the next 5 years it’s very clear that the Chinese market will continue steadily to grow very quickly plus the federal government regulatory regime can be more open and transparent,’ explained 500.com’s main monetary officer Zhengming Pan.
China’s lottery market has flourished remarkably in recent years, many thanks to an increase in disposable earnings through the entire country, as well as a national appetite for gambling and advancements in gaming technology. Because of this, Asia’s lottery spending reached $23 billion in 2012, while the U.S. the largest lottery market in the entire