Online gambling operator 500.com is running out of time – and cash – in which to turn this sinking ship around.

Last week, the Shenzhen-based 500.com reported generating revenue of RMB14.3m (US$2.1m) in the three months ending March 31, slightly more than one-third of the RMB38.4m the company generated in the same period last year and just over half of what it generated in Q4 2018.

The company booked an operating loss of RMB97.3m in Q1, about RMB20m worse year-on-year, while net losses totaled RMB93.2m, up from a RMB70m loss in Q1 2018. The company had cash and equivalents of RMB386.6m at the end of Q1, about RMB50m less than at the end of Q4 2018, so while there’s still some wiggle room, the current trajectory is clearly unsustainable.

500.com was one of only two companies approved by the Chinese government for an online lottery pilot project. That came to a crashing halt in early 2015, when Beijing suspended all online lottery sales after uncovering massive fraud at provincial lottery administration centers.