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
retreated to 91 teacher Gong Haiyan two pioneering "Waterloo"
to solve their own marriage and a strange combination of circumstances successfully founded the first domestic listed dating sites Jiayuan "Helen of Troy" Gong Haiyan, once again copy success is not easy to imagine.
from Jiayuan "run away" chose to join the online education, Gong Haiyan has created the online language training website 91 teacher network, K12 (kindergarten through twelfth grade, the stage of basic education) online education platform ladder network and well network.
day before the ladder network and has just launched 2 months that a good network was traced to massive layoffs, about 100 employees face the fate of being cut.
"First Financial Daily" reporter yesterday (15) log on the good network, its pages directly jump to close the page. On the page, the network said that "because of the company’s strategic adjustment, the net closed, to have to pay for the course but not yet on the end user, we will refund as appropriate". As of press time reporter, ladder network page can also log on.
this, insiders told reporters, Gong Haiyan in fact, in the first half of this year has encountered financial difficulties, has been very actively seeking financing. Among them, have also received a letter of intent to invest in a VC, but after the completion of due diligence, the VC chose to leave.
and financing difficulties, can be interpreted as the industry leading cause of ladder network and well network redundancy.
a letter widely circulated on the Internet Gong Haiyan sent to internal staff e-mail shows, overwhelmed by the massive layoffs or due to funding strand breaks. In the message, Gong Haiyan said, because of his aggressive too optimistic, front too, spent a few months ago that the company financing, has been using their own funds to support the company operation."
after the event, Gong Haiyan was part of the ladder network staff joint condemnation of Gong Haiyan, telephone, mail and other contact information also will be open.
yesterday, was confirmed in a number of media lost contact with the state of 3 days Gong Haiyan appeared.
Gong Haiyan, the assistant 91 teacher CEO Zheng Jinli confirmed to the "First Financial Daily" reporter ladder network and that good network operations indeed appear big challenges, but said Gong Haiyan has reached a settlement in September 14th before work with the marketing department.
turned a circle back to the origin, decided to focus on 91 foreign teachers, in the hope that in the future to provide a better online oral teaching services." Gong Haiyan in response to this business adjustment on micro-blog, and said it would expand the two foreign teachers in foreign centers, to further enhance the quality of teaching.
it is worth noting that, as Gong Haiyan founded the first online education site, 91 foreign teachers network has been split in July this year, to operate independently of the company, accounting for financial independence, from