Booming Chinese Lottery Goes Online

Published Sunday, January 05, 2014 - Online-Casinos.com
Booming Chinese Lottery Goes Online

Gambling for most punters is about the odds. While many think they can beat the odds there are games where that may be possible and others when it is just a randomly generated number that points to the winner that is if they have the ticket.

The lottery is the most gambled on entertainment in the world. Governments in almost all parts of the globe rely on the proceeds from lottery sales to make ends meet.

There are billions of dollars, yen, euro and many other currencies being wagered for cash and prizes every day. Gambling has been with most cultures for a long time except where it is prohibited by some religious doctrines. The use of the internet as a method of obtaining a chance to win something has created an avalanche of interest in lotteries especially in China a Jan 6 Reuters article divulged.

The news article explained that in New York city USA there are investors in a Chinese online lottery platform called 500.com Ltd. These investors have seen their stock in the firm triple in a very short time since it went public. Those in the lottery business in China are few and far between since Chinese authorities began to cull the operators and regulate the industry with the potential of 400 million would be lottery gamblers. The company is the only lottery firm on the exchange in the USA thus far.

Zhengming Pan, who is chief financial officer at 500.com.commented, "Over the next five years it is very clear that the Chinese market will continue to grow very quickly and the government regulatory regime will become more open and transparent,"

The moves from the government to create a more efficient means of getting more lottery tickets in the hands of its citizens is underway with an online capability in the works. In 2012 $43 billion dollars were spent in China on lottery according to data from China's Ministry of Finance.

Related news

Return to Latest News