500.com Bets on Blockchain and Bitcoin Mining Despite Financial Losses

500.com, an internet-based sports wagering platform from China, experienced a 5% revenue surge in the final quarter of 2020 compared to the previous year, hitting 9 million yuan (approximately $1.4 million USD). This represents a substantial rise from the 6.1 million yuan generated in the third quarter of that year. Nevertheless, the firm still declared an annual deficit of 21.8 million yuan for 2020.

Notwithstanding the financial setbacks, 500.com is forging ahead with a fresh strategic emphasis on distributed ledger technology and digital currencies. Motivated by the favorable outcome of its investment in the Bitcoin mining enterprise Loto Interactive Limited, 500.com has taken steps to elevate its ownership in Loto to 54.2%. Furthermore, 500.com has formalized an arrangement to acquire 5,900 Bitcoin mining rigs for roughly 55.2 million yuan ($8.5 million USD).