20130327135030-1984080262Online sports lottery service 500.com just filed with the SEC, planning to raise $150 million in an IPO on the NYSE under the ticker symbol of WBAI.

500.com is an aggregator and processor of lottery purchase orders from registered user accounts and currently derive substantially all of the revenues from service fees from provincial sports lottery administration centers for the purchase of orders.

The company is one of the two entities that are authorized by the Ministry of Finance to provide online lottery sales services on behalf of China Sports Lottery Administration Center, the government authority in charge of the issuance and sale of sports lottery products in China.

500.com has 18.4 million registered user accounts as of September 2013, with 0.8 million active accounts, meaning registered accounts which made at least one lottery purchase during the period.

The company’s net revenues amount to 171.5 million yuan ($28.0 million) in 2012, dropping 26.2% compared with 232.3 million yuan in 2011. Its service fees increased by 49.3% from 142.1 million yuan in the nine months ended September 30, 2012 to 212.2 million yuan in the nine months ended September 30, 2013. All of the service fees in the nine months ended September 30, 2013 was generated from sports lottery products.