Betting
http://english.caixin.com/2014-07-14/100703725.html
....The lottery sales website 500.com offered 40 percent of the income from sales through Alipay and WeChat to the two companies, a source in the company said.
The chief finance officer of 500.com, Pan Zhengming, said the purchases through Alipay account for 10 percent of total sales of his website.
New Rules
Internet companies were allowed to sell tickets after the country revised its regulations in 2013. Before that, the government only issued two licenses to websites to sell tickets.
Pan said that when 500.com was set up in 2001, it had to use a physical terminal to print real tickets that customers bought online. For the first decade of the business' existence, the government did not allow paperless tickets.
Then in 2010, the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports said Internet sales would be allowed.
In October 2012, the Ministry of Finance gave licenses to 500.com and sporttery.cn, a website under the General Administration of Sports, but sporttery.cn only offered information.
To better regulate the market, in January 2013, the government revised rules to allow companies to sell tickets on the Internet, through self-service terminals and on the telephone.
The regulations said the Internet companies were agencies, and that the lottery management centers in provinces around the country were in charge of actually issuing the tickets.It was common for people to spend a few hundred yuan on soccer lottery tickets during the World Cup, the source at 500.com said. But some of the gamblers were more aggressive he said. "Someone would buy 3 million yuan worth of tickets every morning."
Twenty percent of the total buyers were responsible for 80 percent of the sales on websites.
Buyers who win prizes many times are called "experts" by the websites, and they are the core resources for a company because they attract newcomers. After they win prizes, websites frequently offer them rebates.
Agents help attract people to bet on the gambling websites with servers overseas that are controlled by international gambling companies.
They attract buyers with close relationships to them, offering high returns, said a Beijing agent.
People can buy lottery tickets before the match only, but on websites people can get bets down during games.
"The ratio of betting before a match and during a match could be one to three," the 500.com source said. "Betting during a match is always the best way to hedge risks."
The gambling has its dark side. A man in the southern province of Guangdong jumped to his death after losing more than 1 million yuan.
|
Thread abonnieren
