Can 500.com turn things around?

500.com, one of the only two companies approved by the Chinese government for an online lottery pilot project, booked an operating loss of RMB97.3m in Q1, about RMB20m worse year-on-year, while net losses totaled RMB93.2m, up from an RMB70m loss in Q1 2018. The company had cash and equivalents of RMB386.6m at the end of Q1, about RMB50m less than at the end of Q4 2018, so while there’s still some wiggle room, the current trajectory is clearly unsustainable.
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500.com running out of time — and cash — to turn things around
The ship is sinking

The Story

500.com, one of the only two companies approved by the Chinese government for an online lottery pilot project, booked an operating loss of RMB97.3m in Q1, about RMB20m worse year-on-year, while net losses totaled RMB93.2m, up from an RMB70m loss in Q1 2018. The company had cash and equivalents of RMB386.6m at the end of Q1, about RMB50m less than at the end of Q4 2018, so while there’s still some wiggle room, the current trajectory is clearly unsustainable.

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