Legal & compliance China-facing lottery solutions provider 500.com has announced that its The Multi Group (TMG) subsidiary has temporarily suspended operations in Sweden after failing to renew its licence.Malta-based TMG had been operating its MultiLotto lottery betting brand in Sweden under a year-long licence, but did not renew the permit before its expiration.However, 500.com said TMG is in close communication with Spelinspektionen, the national gambling regulator in Sweden, with a view to renewing its licence as soon as possible.TMG said it expects to renew its licence and resume operations in the country by mid-February.500.com expects TMG’s contribution to group revenue during the first quarter of 2020 to be both materially and adversely impacted by the suspension of operations in Sweden.TMG revenue accounted for approximately 99.1% of 500.com’s total net revenue for the third quarter of 2019, of which around 61.3% was generated in Sweden. The business was acquired in a €49.8m deal in May 2017. In November 2019, 500.com reported a 67.6% year-on-year decline in third quarter revenue, blaming the decline in part on issues related to the migration to a new website in Sweden.The suspension will comes after 500.com last week revealed that its chief executive had stood aside over accusations of bribery in Japan.500.com said that Zhengming Pan, its director and chief executive, requested to temporarily step away from his positions until the conclusion of an internal investigation into alleged illegal money transfers related to the development of integrated resorts in Japan.500.com has formed a special investigation committee to consider its conduct in Japan and the role played by consultants following the arrest of one consultant, who was also a former director of the company’s subsidiary in Japan, and two former consultants by the Tokyo District Public Prosecutors Office. Multilotto halts Swedish activity after licence expires Tags: Online Gambling Email Address Regions: Europe Nordics Sweden Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Legal & compliance Strategy China-facing lottery solutions provider 500.com has announced that its The Multi Group (TMG) subsidiary has temporarily suspended operations in Sweden after failing to renew its licence. 8th January 2020 | By contenteditor
A5 (www.admin5.com) station network May 5th news, yesterday the transfer of public exposure of users well-known community, causing users to "do a There were many discussions. Tianya also want to sell
then Tianya CEO Xing Ming denied the Tianya community was sold, the rumors, said it is planning to list in the new three board, the outflow of the transfer document is one of the three new board listing. For two consecutive years of losses, Xing Ming said the company is in the stage of business transformation, continued losses due to R & D investment and business layout form, after the transformation of Tianya community will focus on Internet banking and business community.
The contents of
exposure transfer instructions, and in 2014 2013, the main business income was 104 million 104 thousand and 800 yuan and 107 million 178 thousand and 800 yuan; losses amounting to 44 million 658 thousand and 200 yuan and 31 million 613 thousand and 300 yuan, net assets at the end of the 4 million 947 thousand yuan and 29 million 65 thousand and 500 yuan respectively.
community, founded in March 1, 1999, is a globally influential network community, since its inception, with its open, inclusive, full of humanity characteristics was praised by the global Chinese Internet users. As was one of the most mature, the most active network forum, Tianya community based on the high quality of users and content and on the social attention, became the Chinese public opinion pole.
but with micro-blog, WeChat has become the main social networking platform users, Tianya community as a traditional BBS social platform in the market competition pressure. Business is similar to the Baidu Post Bar, watercress, known also in accordance with its own advantages in resources to delineate user groups, in addition, the Tencent interested tribes also constitute a strong influence on the social development direction of world interest.
in 2005 and 2006, the community has won the IDG, Lenovo, Google, Qing Branch, Jason Jiang investment and Planning Overseas listing. Since 2009 the domestic launch of the gem, gem impact Tianya news was rampant, even it was generally believed that the market will become the gem of the first unit. However, due to the legal structure of the problem, but stranded.
analysts believe that the Tianya community had been the flow of capital and the support of Google in the development of its heyday, in the Google exit Chinese, Tianya traffic fell significantly, while the product is tried several times, but because it did not devote themselves to do it, also failed to have. BBS social era has passed, the transition is not as difficult as." He admitted.
of the Internet in the financial sector has already entered the competition is intense, each big enterprise in the industry to win the head broken and bleeding, Internet banking has been the blind pursuit of the stage. Skyline at this time to enter the Internet banking is blindly chasing hot spots, but also a little worried about the industry.