500.com reports US$21.5m loss for 2020

Revenues fell 45.9 per cent year-on-year.

China.- The Chinese lottery services provider 500.com has reported an adjusted net loss of RMB138.5m (US$ 21.5m) for full-year 2020.

The loss for the last quarter was RMB56.1m (US$ 8.6m), compared to a loss of RMB322.7m (US$ 50m) in the last three months of 2019. The reduction in losses was due to lower operating expenses and the absence of previous impairment provisions.

Net revenue for the last quarter of 2020 was RMB9m (US$1.4m), a slight increase from the RMB8.6m in Q4 2019.

The company’s online lottery betting and online casino in Europe, accounted for 62.2 per cent of total net revenues.

500.com recently announced plans to explore opportunities in blockchain and cryptocurrency, entering into a definitive purchase agreement to acquire 5,900 bitcoin mining machines at a cost of RMB55.2m (US$8.5m).