{"id":687,"date":"2019-11-06T15:39:38","date_gmt":"2019-11-06T15:39:38","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=687"},"modified":"2026-04-24T10:08:29","modified_gmt":"2026-04-24T13:08:29","slug":"500-com-proposes-solution-to-china-lottery-fraud","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/500-com-proposes-solution-to-china-lottery-fraud","title":{"rendered":"500.com proposes solution to China lottery fraud"},"content":{"rendered":"\n<p>500.com proposes a blockchain-based solution to the stop fraud in China&#8217;s online lottery business.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>China.- <strong><em>500.com<\/em><\/strong>, online gambling operator, released earlier this week a report on Blockchain Technology for China\u2019s Lottery Industry. 500.com\u2019s presented its development of Chinese Lottery Chain, \u201ca blockchain solution specifically tailored to China\u2019s lottery industry.\u201d<\/p>\n\n\n\n<p>The Chinese Lottery Chain will\n\u201cenhance lottery information management security, reduce operational costs and\nincrease efficiency, strengthen the credibility of lottery results in China,\nand reduce lottery theft and fraud.\u201d<\/p>\n\n\n\n<p>For a while now, <a href=\"https:\/\/focusgn.com\/500-com-appoints-new-independent-director\"><strong><em>500.com has \u201ccommitted to working independently<\/em><\/strong><\/a> or in conjunction with other industry players to develop innovative solutions\u201d to the problems plaguing China\u2019s lottery sector. <\/p>\n\n\n\n<p>In August, 500.com reported a net loss of \u20ac18,2 millions for the second quarter of the year ending June 30. However, we are waiting to hear back from the company with its third quarter results which they expect to be better. <\/p>\n\n\n\n<p>Due to illegal management of the online lottery sales \u2013 with provincial lottery administrators \u201cforgetting\u201d to record all their online sales, generating billions of dollars capital flight, Beijing decided to ban online gambling back in 2015.<\/p>\n\n\n\n<p>Overall, China\u2019s lottery sales are drastically decreasing; however, the government is consistent in forbidding its citizens to access gambling products. This harsh measure is a consequence of the evident corruption that\u2019s immersed in the Chinese lottery system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>500.com proposes a blockchain-based solution to the stop fraud in China&#8217;s online lottery business.<\/p>\n","protected":false},"author":133,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"500.com has proposed a blockchain-based solution, the \"Chinese Lottery Chain,\" to address pervasive fraud and operational inefficiencies within China's lottery sector. This initiative aims to enhance information security, reduce costs, and bolster the credibility of lottery results, following the 2015 ban on online lottery sales due to significant corruption and capital flight. The company, which reported a Q2 net loss, seeks to innovate within a highly regulated and challenging market.","focusai_entities":"500.com","focusai_location":"China, Beijing","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.85), operator_casino (0.7), tech_data (0.9), payments_fraud_aml (0.8), investor_analyst (0.9), supplier_vendor (0.8), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Blockchain adoption feasibility?","query":"What is the likelihood of the Chinese government adopting 500.com's 'Chinese Lottery Chain' blockchain solution, given the existing online lottery ban and stringent regulatory environment?"},{"label":"Impact on 500.com's financials?","query":"How might the successful implementation and regulatory acceptance of this blockchain solution impact 500.com's long-term financial outlook and market valuation, particularly in light of its recent net losses?"}],"footnotes":""},"categories":[160,157,16338],"tags":[1758,29,227,229,337],"class_list":["post-687","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-business-news","category-east-asia-news","tag-500-com","tag-casino","tag-china","tag-gambling","tag-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/133"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=687"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/687\/revisions"}],"predecessor-version":[{"id":777015269,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/687\/revisions\/777015269"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}