IPO bet pays off for website

Sports lottery firm raises more than $100m on New York Stock Exchange

More overseas initial public offerings by Chinese lottery websites are likely, after industry leader 500.com Ltd raised more than $100 million on its first trading day on the New York Stock Exchange, analysts forecast.

Closing at $18.64 on Friday, 43.4 percent above its IPO price, 500.com was the first listed lottery company on the Chinese mainland and the third Chinese dotcom to go public in the United States this month.