The Chinese digital sports wagering company, 500.com, experienced a 5% rise in earnings year-on-year in the final quarter of 2020, hitting 9 million yuan (approximately $1.4 million USD). This marked a substantial leap from the 6.1 million yuan generated in the third quarter of 2020. Despite the encouraging figures for the quarter, the firm’s total revenue for 2020 declined in comparison to 2019.
Nevertheless, 500.com is undertaking a major shift into the realm of blockchain technology and digital currencies. They have already made investments in an enterprise known as Loto Interactive, which operates in the Bitcoin mining sector, and they intend to further expand their stake. To cement this strategic pivot, 500.com has inked an agreement to acquire a considerable quantity of Bitcoin mining equipment. They evidently recognize the promise of cryptocurrency and are positioning themselves to profit from it.