Struggling online lottery operator 500.com has made another attempt to diversify its business model by acquiring the parent company of Nordic-facing online gambling operator Multilotto.com.

On Friday, the Nasdaq-listed 500.com announced that it had reached a deal to acquire 93% of the outstanding shares of The Multi Group Ltd, the Malta-headquartered parent of Multilotto. The deal, which is worth €49.8m (US $56m), is subject to regulatory approval.

Multilotto offers lottery betting and online casino services via a Curacao eGaming license. Multi Group also holds online licenses issued by Maltese, UK and Irish gaming regulators. In 2015, the company reported revenue of €4m and earnings of €1.2m, while 2016’s revenue rose to €10m and earnings improved to €5.7m.

500.com stressed that Multilotto doesn’t accept customers from China, including Hong Kong and Macau. Until China imposed its ‘temporary’ suspension of online lottery sales in March 2015, the Shenzhen-based 500.com was one of two companies authorized to take part in a ‘pilot program’ of online sports lottery sales in China.