500.com Limited Releases Blue Paper on Blockchain Technology for China's Lottery Industry

SHENZHEN, China, Nov. 4, 2019 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today released its Blue Paper on Blockchain Technology for China's Lottery Industry (the "Paper").

The Paper, a first of its kind in the sector, provides an in-depth study on the current state and needs of China's lottery industry and outlines plans to drive its sustainable development using blockchain technology. The Paper is primarily based on 500.com's wealth of experience and insights into the lottery industry gained over its many years of operations and leverages its recent research and exploration into the application of blockchain technology.

As a leading player in online sports lottery service in China, 500.com assembled an independent research team in 2015 dedicated to the research, validation, development, and application of blockchain technology to lottery products. Upon such technical strength, the team designed the framework of Chinese Lottery Chain (CLC), a blockchain solution specifically tailored to China's lottery industry.

CLC was designed to be applied across the lottery industry where it will enhance lottery information management security, reduce operational costs and increase efficiency, strengthen the credibility of lottery results in China, and reduce lottery theft and fraud.

500.com strongly supports the application of blockchain technology throughout China's lottery industry and is committed to working independently or in conjunction with other industry players to develop innovative solutions. The Company believes that blockchain technology has unique advantages that will create a new impetus for innovation and development of China's lottery industry.

Access the blue paper on blockchain in China's lottery industry released by 500.com via the link below:
https://www.500cache.com/static/500info/500bluepaper.pdf

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.

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:

500.com Limited

[email protected]

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: [email protected]

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

SOURCE 500.com Limited