500.com Limited Announces Resumption of Operations in Sweden

SHENZHEN,China,Sept.9,2020 -- 500.com Limited (NYSE: WBAI) ("500.com," "the Company," "we," "us," "our company," or "our"),an online sports lottery service provider in China,todayannounced the resumption of its operations in Sweden.

The Multi Group ("TMG"),a Malta-based subsidiary of the Company,has resumedits operations in Sweden after having received a renewede-Gaming license for two years for secondary lottery and casino from Sweden's e-Gaming regulatory authority.

Revenue generated by TMG accounted for approximately 89.7% of the Company's total net revenues for the fiscal year ended December 31,2019,of which approximately 61.3% was generated from Sweden.

About 500.com Limited

500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services,information,user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China,and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center,which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934,as amended,and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions,and relate to events that involve known or unknown risks,uncertainties and other factors,all of which are difficult to predict and many of which are beyond the Company's control,which may cause the Company's actual results,performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks,uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information,future events or otherwise,except as required under law.

For more information,please contact:

500.com Limited

ir@500wan.com

Christensen

In China

Mr. Eric Yuan

Phone: +86-10-5900-1548

Email: Eyuan@christensenir.com

In US

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: lbergkamp@ChristensenIR.com

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