Online sports lottery provider 500.com is partnering with payments-processing giant China Mobile E-commerce Co. on a platform to expand the reach of 500.com’s games via mobile throughout China.
The agreement calls for 500.com to cooperate with the provincial branches of China Mobile E-commerce to localize its products and provide lottery purchase and information services to China Mobile users through its Internet, mobile apps, WAP and SMS channels.
China Mobile E-commerce is the exclusive provider of payment services to China Mobile’s vast network. As of last year, more than 100 million registered customers were using those payment services, 31 million of them active monthly users, according to 500.com. Transaction volumes totaled RMB10 billion a month and RMB130 billion for the year, the company said.
500.com said it will maintain full control of product design, development, operation and promotion.
500.com is traded on the New York Stock Exchange under the ticker symbol WBAI. The company reported net income of RMB106.1 million (US$17.5 million) in 2013 on a 51.3% increase in net revenues to RMB259.5 million ($42.9 million).
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