An online company in China – 500.com – is planning for Chinese online sports betting via a US $150 million initial public offering in the USA after winning what sources conclude is tacit approval from China’s Ministry of Finance to develop a purpose built platform for legal online sports bets. This is a huge change in the government approach to what they know is an out of control illegal internet betting on mainland China. Legal Chinese online sports betting in mainland China could be facing the biggest shake up in nearly two decades, with government-sanctioned online gambling. A Chinese lottery…