500.com, an internet-based sports wagering company in China, experienced a revenue uptick of 5% in the last three months of 2020, hitting 9 million yuan (approximately $1.4 million USD). This upward trend follows a challenging year and represents a substantial 48% leap in revenue compared to the preceding quarter. Despite this positive development, the firm still disclosed an operating deficit for the year, albeit notably lower than the loss reported in 2019.
Intriguingly, 500.com is venturing into the realm of blockchain technology and digital currencies. The company has inked an agreement to acquire a majority stake in Lotto Interactive, an organization that has achieved success in Bitcoin mining operations. Furthermore, they are investing heavily – around $8.5 million USD – to purchase nearly 6,000 Bitcoin mining devices. It appears 500.com is wagering on the potential of cryptocurrency, with the hope that this strategic pivot will propel them back into profitability.
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