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AGTech & Internet Lottery

|Includes: AGTech Holdings Limited (AGTEF), BABA, WBAI

An announcement was posted on the Ministry of Finance website this morning regarding Internet Lottery Sales, and it has caused some confusion in the market.  In a nutshell, this announcement says "No one is allowed to operate Internet Lottery Sales without an explicit approval/license from the Central Government.  Right now, no one or no entity has the license to operate the Internet Sales license.  If you are operating Online Lottery sales, you are doing so illegally."

Some people thought that government is renewing their efforts to crack down on illegal lottery sales.  Many more were confused "What is incremental about this policy? I don't get it.  It's a reinforcement of the current ban on online lottery sales."

This announcement is "the cleaning of the deck before issuing a new operating license."  This announcement came after twelve different departments consulted with each other. (basically all the essential departments in China) I think it's significant.

Disclosure: I am/we are long AGTEF. BABA.