"With the help of powerful lottery information service tools and 400 well-trained employees, the company is probably the most professional lottery website on the Chinese mainland," said Li.

The site has 18.4 million active users and a 29 percent share in the sports lottery market, according to the company's regulatory filing.

Analysts said the IPO is likely to boost online lottery activity in the coming year, and more lottery service providers are considering overseas IPOs following the success of 500.com.

"500.com's competitors have to tell a different story and find their unique selling point when filing for an IPO," said Li, adding that maintaining good relations with industry regulators is key for any lottery company's prosperity.

China Mobile Lottery E-Platform Technology Co Ltd, a Beijing-based industry information provider, is eyeing a US IPO by 2015, said a source close to the company.

Analysts said that as US investors' confidence in Chinese Internet companies is restored, the number of China IPOs is set to surge in the coming months.

Earlier this month, two Chinese Internet companies - group buying site 58.com and Qunar Cayman Islands Ltd, a travel-booking website - conducted IPOs in New York, raising more than $350 million in total.

In 2011, financial scandals dented investors' confidence in Chinese companies, so the number of China IPOs slumped dramatically.

The recent IPO wave is a strong sign that the US capital markets have reopened for China-based enterprises.

Tech and Web companies remain the most popular candidates for US investors because of the increasing number of Internet users in China.

Shares of China's 500.com, Sungy Mobile roar