Online sports lottery technology provider 500.com has made a play to acquire land-based lottery technology firm MelcoLot Ltd. in a bid to diversify its revenue stream.

On Monday, the Shenzhen-based, Nasdaq-listed 500.com announced that it had reached a share purchase agreement with Melco LottVentures Holdings Ltd, a subsidiary of Melco International Development, to acquire roughly 40.65% of MelcoLot’s issued share capital. The total consideration of the deal is roughly HKD 322.2m (US $41.3m).

MelcoLot’s primary reason for being is as a distributor of retail lottery terminals for China’s official welfare and sports lotteries. The company is part of the Melco family of businesses (Melco International, Melco Resorts & Entertainment, etc.) controlled by Macau billionaire Lawrence Ho.

The share sale represents the sum total of Melco International’s holdings in MelcoLot, and the company will have no further involvement in MelcoLot once the sale concludes on June 6. Melco International believes the sale will allow the company to better focus on core operations and other ventures that hold more potential for growth.