Chinese online games lottery administrator 500.com has taken a controlling stake in a social poker business trying to expand its as of now non-existent income stream. On Friday, 500.com reported that it had taken a 51% stake in Qufan Internet Technology Inc. what's more, Shenzhen Qufan Internet Technology Co. Ltd, which all things considered work a versatile social poker stage.
500.com says the exchange, which will cost RMB 110.5m (US $16m), is liable to certain unspecified conditions. The organization didn't offer any direction for what kind of help this obtaining may give to 500.com's primary concern. The Nasdaq-recorded 500.com is edgy to show speculators some ability to produce income, having now gone six straight quarters without a solitary penny from online lottery operations taking after Beijing's March 2015 choice to "briefly" suspend online deals subsequent to revealing across the board misrepresentation by common lottery managers.
Speculators will probably be trusting 500.com's most recent securing demonstrates more changeless that its buy last December of Zhejiang Shangmeng Technology Limited Company, which works the Sumpay.cn online installment processor. 500.com sold the organization in May, keeping in mind it understood a clean benefit on the speedy turnaround, it didn't move speculator trust in 500.com's long haul prospects.
Beijing has been normally mysterious in regards to when the 20-months-and-checking "impermanent" online suspension may be lifted. In May, five government services issued a joint notice itemizing steps that should have been taken so as to guarantee future online movement would be property examined, however the legislature has yet to make any verifiable open move toward accomplishing those points.
500.com isn't the only one in looking at social gaming as an expansion help. Clubhouse and openings administrator Entertainment Gaming Asia has been promising to divulge its new 'Skillet Asian' social gambling club stage since March. Not long ago, the organization reported that it was all the while "testing the stage in specific markets to evaluate its potential as a supplier to long haul income.'