Chinese online lottery industry is expanding on the double coming very close to the US market figures. The future prospects are that China will take over the top place by 2015.
Chinese gambling news are currently closely covering the online platform 500 Ltd, which is by far the only Chinese lottery that is listed in the US. This smart move allowed their stock to triple its value from the initial $13 public offering price on the New York Stock Exchange six weeks ago.
Zhengming Pan, chief financial officer of 500 Ltd 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.”
New gambling regulations in China will certainly provoke higher interest in lottery games
Statistics show that Chinese punters spent $23 billion in 2012, compared to $37 billion spent by US bettors in the world’s biggest lottery market. With the current impressive growth rate, it is expected that China will win over the first place from US by 2015.
In order to make more people buy lottery tickets, the government is planning to implement new Chinese gambling laws.
Hoffman Ma, deputy chairman of Success Universe Group Ltd, gaming operator in China, commented: “The Chinese government wants to consolidate the current lottery market, making it easier to control and regulate. They are seeking operators with stable platforms and want to ensure that all bets that come through will pay tax.”