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  "documentTitle": "Momo, Inc. (MOMO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
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  "pageNumber": 34,
  "pageCount": 70,
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  "notes": "Includes a screenshot of a Facebook page as evidence.",
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      "kind": "callout",
      "text": "Our consultant interviewed 18 mobile gamblers, 11 of whom gambled on Pokermaster. Players considered the app one of, if not the most, popular poker gambling apps in China.",
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      "kind": "image",
      "text": "Pokermaster Facebook page screenshot",
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      "text": "International review sites claim Pokermaster is a highly rated app with a large number of users and games are conducted in RMB using virtual currency. Deposits and withdrawals may be made using Skrill, Neteller, EcoPayz and Bitcoin. Pokermaster arranges offline and online tournaments. There are hundreds of clubs and thousands of players at peak times. The games are considered to be high stakes. Players outside of China need to use an agent to join the gambling. In China, players go through an agent to gamble on the app. Players can add value online but need an agent to convert virtual chips into cash. Players can add value via the Apple store or WePay.",
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      "text": "We interviewed 18 mobile app gamblers in China, 11 of whom gambled on Pokermaster and found the following: The typical player is male in his late 20's to early 30's and is based in major cities such as Beijing, Hangzhou and Changsha. Players spend between 3 and 6 hours per day gambling on the app. Most players spend around RMB1,000 per month gambling on the app. However, one player claimed to spend around RMB200,000 per month. Players claimed to win between RMB2,500 and RMB600,000 per month with most claiming to win more than RMB100,000 per month. Players pay a 3%-5% commission of winnings to the club organizers when cashing out of the game. Gambling on the site was common knowledge and gamblers easily found agents via WeChat and other sites.",
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      "text": "Source: Facebook",
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      "kind": "title",
      "text": "Red Flag 4: MOMO's Investment In An Illegal Gambling Enterprise (Cont'd)",
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      "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.",
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