SHENZHEN, China, Jan. 29, 2014 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today announced that it has signed a strategic partnership agreement with China Mobile E-commerce Co. Ltd ("China Mobile E-commerce"), a subsidiary of China Mobile Limited ("China Mobile"), to expand the reach and ease with which payments can be made for the Company's mobile sports lottery products. The agreement will provide easy and convenient payment services to users regardless of device, through China Mobile's vast network.
According to the terms of the agreement, 500.com will work in close cooperation with each of China Mobile E-commerce's provincial branches, leveraging their on-the-ground knowledge of local market conditions to localize its mobile sports lottery products. The Company will provide lottery purchase and information services to China Mobile users through its internet, mobile apps, WAP and SMS channels. 500.com will maintain full control of the product design, development, operation and promotion.
China Mobile E-commerce is the sole provider of payments services to China Mobile's network. In 2013, China Mobile E-commerce's mobile payment services had over 100 million registered users, 31 million monthly active users, and monthly and annual transaction volumes exceeding RMB10 billion and RMB130 billion, respectively.
Mr. Man San Law, Founder, Chairman and Chief Executive Officer of 500.com commented, "We are extremely excited to have reached such a mutually beneficial agreement with China Mobile E-commerce. China Mobile E-commerce's vast payment services network of over 100 million registered users will greatly expand the reach of our mobile lottery products by allowing users to pay using their convenient, safe and reliable payment services. By working with each provincial branch, we are focused on providing a localized lottery product with easy payment services to every user, regardless of device or geographical location. We are confident that this partnership will increase shareholder value as we leverage and integrate these capabilities with our leading online sports lottery platform, innovative purchase tools and technology, and superior mobile services."
About 500.com Limited
500.com Limited (NYSE:WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. According to iResearch, the Company had the largest market share among online lottery service providers for the first six months of 2013, in terms of the total purchase amount of sports lottery products.
About China Mobile E-commerce Co. Ltd.
China Mobile E-commerce Co. Ltd., a subsidiary of China Mobile Limited ("China Mobile"), is the sole provider of payment services across China Mobile's entire network. In 2013, China Mobile E-commerce's mobile payment services had over 100 million registered users, 31 million monthly active users, and monthly and annual transaction volumes exceeding RMB10 billion and RMB130 billion, respectively.
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For more information, please contact:
Mr. Christian Arnell
Ms. Linda Bergkamp
SOURCE 500.COM / PRN ASIA