Is China about to Legalise Sports Betting?


11/12/2013
By Maria McCoyGoogle
The Chinese have always been renowned for loving a flutter, so could it be that what is considered as a Chinaman’s number one past time is about to made legal on the sports betting stage.

The rumours have already started that the 1 billion population of China will be delving into the sports results as the country allows 500.com to begin developing an online betting platform. Permission was given by the Chinese Ministry of Finance and if this kicks off any time soon we could see a flurry of contracts follow. I mean who would not take note when there is a target market that combined beats the population of the EU states added together.



Usually the only way to get your money in on a game if you are living in China means taking a trip down to Macau. However, the country does have a lottery scheme that has been successful, but like so many other countries where gambling is legal a lottery system has never really been seen as gambling, so the future for gambling never really stirs much dialogue when one of the these systems hits the streets.

On the subject of lottery, 500.com will have to work with the Chinese lottery firms to get their sports betting platform show on the road. This means working side by side with the Welfare Lottery as well as the national Sports lottery schemes. For 500.com this can only work to its advantage as it gains an insight into how the Chinese lottery systems reach their customers saving plenty of time and money on additional research.

The problem is that many Chinese actually bet a black market version of the lottery in the country because the government version only gives a max of a 69% return from the pool. Compared to most other lotteries around the world this is low when you consider that the average is 95%.

The idea of making the sports betting and lottery available on the internet should attract more punters and make it easier for citizens to get their money in.

As for 500.com right now is firing up its stocks using the WBAI symbol via the US New York Stock Exchange. They could have floated on the Hong Kong stock exchange but the bigwigs felt that they would get a better valuation on the US based version. This down to the IPO faction of the company, and in Hong Kong they don’t figure too well unless you have casino operations in Asian markets.

It looks like a promising future for 500.com as long as they can raise the necessary capital by offering shares via its plans to become a fully-fledged PLC. The Chinese public will surely be keeping their eye out for no deposit bonus deals a nd any other way they can get a good flutter on what is going to be something very new to this high tech 1 billion population. 

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