500.com Ltd (NYSE:WBAI) reported that they have finalized a framework agreement with the China Sports Lottery Administration Center, under which both entities intend to cooperate to advance physical channels to offer sports lottery tickets.
Under the Framework Deal, the Sports Lottery Center will offer support to this Project. In the meantime, the firm will seek to initiate cooperation agreements with provincial sports lotteries centers to help in deploying sports lottery terminals and offer relevant operational and maintenance services in accordance with local development strategies for sports lottery business as well as requests of such provincial sports lotteries centers, in attempt to improve the convenience of sports lottery ticket deals, enlarge client base and enhance customer experience for lottery buyers.
The Sports Lottery Center marks as the sports lottery issuance agency set by the General Administration of Sports as per the relevant laws. It is the government authority looking after the issuance and managing sales of sports lottery offerings in China.
500.com is a major web sports lottery service provider based in China. It provides an integrated and comprehensive suite of online lottery services, user tools, virtual community venues and information to its users. The company was listed in the first firms to offer online lottery services in China. It is one of two firms that have been authorized by the Ministry of Finance to provide web lottery sales services on behalf of the government authority, China Sports Lottery Administration Center.
Last month, 500.com reported that Ernst & Young Hua Ming LLP has resigned as company’s auditor on February 1, 2018. The firm has engaged Friedman LLP to conduct the review and audit the effectiveness of its internal regulation over financial reporting for FY2017 on February 9, 2018. Following company’s articles of association, this decision to engage a new auditor was unanimously accepted by the directors of the firm.