Chinese online lottery operator 500.com has announced the acquisition of a majority stake in Malta-based lottery and casino provider Multi Group, in a deal worth €49.8m.
Under the terms of the deal, the company will acquire 93% of Multi Group, which operates the lottery betting website Multilotto.com, subject to approval by regulatory authorities.
Primarily operating in the Scandinavian region, Multi Group have secured remote gambling licences in Malta, remote operating licences in the UK and a remote bookmakers licence in Ireland.
At present its Multilotto.com platform does not accept bets from US and Chinese bettors, but this may change in the future as a result of its acquisition.
500.com have also announced the purchase of a 40.65% share in MelcoLot Limited at a cost of $41.3m, a deal which will see the Melco group end its involvement with the company.
Based in Hong Kong, MelcoLot Limited provide network infrastructure services and serve as the principle distributor of retail lottery terminals for China’s official welfare and sports lotteries. The company is currently part of the Melco International group, one of the largest casino gambling operators in Asia.