AUSTIN, Texas, Dec. 21, 2023 (GLOBE NEWSWIRE) — Lottery.com Inc. (Nasdaq: LTRY, LTRYW) (“Lottery.com” or the “Company”), a leading technology company that is transforming how, where, and when the lottery is played, is pleased to announce an $18 million investment commitment from Prosperity Investment Management (“Prosperity”). The funds will be used to accelerate the Company’s strategic acquisition plans and fund market development initiatives for both the Lottery.com and Sports.com brands.
Prosperity will fund the Company through an investment vehicle provided by United Capital Investments Limited (“UCIL”).
Warren Mecal, Founder of Prosperity, commented:
“I’m excited to have Prosperity be part of the resurgence of Lottery.com and the genesis of Sports.com. Our company has a unique understanding of the Motorsports sector. Our Motorsports ambassadors represent every major racing circuit, and we are excited at the opportunity to leverage them in support of the rollout of the Sports.com brand.”
Matthew McGahan, CEO of Lottery.com, added:
“Prosperity is an ideal funding partner for our Company. They appreciate the value of Lottery.com and Sports.com and are investing both capital and strategic resources to benefit both our organizations’ stakeholders. Prosperity’s expertise and network in high-profile sports arenas offer an unrivalled opportunity for brand exposure and consumer engagement. This partnership not only fortifies the Company’s balance sheet but also positions us to leverage the global appeal of motorsport for market development and audience expansion.”
Strategic Synergy with Prosperity Investment Management
Prosperity Investment Management’s extensive involvement in the world of Motorsport and Formula 1 aligns seamlessly with the strategic direction of Lottery.com and Sports.com. They work with high profile individuals such as with Indy car driver Callum Illott, LeMans hyper car’s Mike Conway and F1’s Alex Albon, affording the opportunity to extend the Company’s reach into their home fan bases globally and particularly in the US, Mexico, UAE and the Far East. It also fits well with the Company’s existing partnerships such as the agreement between Saudi Motor Sport and Sports.com announced earlier this year.
This collaboration marks a pivotal step in expanding the Company’s footprint in the international sports arena. This leverages Sports.com’s innovative approach to sports and wellness, as exemplified by its recent partnership with adventurer and ex-Elite Special Forces Commander Ant Middleton and its acquisition of Nook Holdings Limited (“Nook”) to further develop its Sports.com brand in the Middle East. These partnerships underscore the Company’s commitment to integrating a dynamic sports experience with wellness, aligning perfectly with the broader vision of Prosperity in the sports industry.
Matthew McGahan, CEO of Lottery.com, concluded:
“This investment from Prosperity strategically aligns with the Company’s vision. It provides the necessary capital infusion to accelerate strategic growth plans, particularly in the rapidly evolving digital sports and gaming sectors. Lottery.com is poised to redefine the industry’s landscape, bolstered by the synergistic partnership with Prosperity Investment Management, UCIL, and the exciting new ventures under the Sports.com brand.”
Lottery.com is a leading technology company that is transforming how, where and when lottery is played. Its engaging mobile and online platforms enable players and commercial partners located in the United States and internationally to remotely purchase legally sanctioned lottery games. Fans and subscribers look to Lottery.com for compelling, real-time results on more than 800 lottery games from more than 40 countries. Additionally, through WinTogether.org, Lottery.com is fundamentally changing how non-profit donors are incentivized to action by gamifying charitable giving. In all that it does, Lottery.com’s mission remains the same: an uncompromising passion to innovate, grow a new demographic of enthusiasts, deliver responsible and trusted solutions, and promote community and philanthropic initiatives. For more information, visit http://www.lottery.com.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding the company’s future financial performance, as well as the company’s strategy, future operations, revenue guidance, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Lottery.com disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Lottery.com cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lottery.com. In addition, Lottery.com cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the outcome of any legal proceedings that may be instituted against Lottery.com; (ii) Lottery.com’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Lottery.com’s accounting staffing levels; (iii) the effects of competition on Lottery.com’s future business; (iv) risks related to Lottery.com’s dependence on its intellectual property and the risk that Lottery.com’s technology could have undetected defects or errors; (v) changes in applicable laws or regulations; (vi) risks related to the COVID-19 pandemic and its effect directly on Lottery.com and the economy generally; (vii) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (viii) the possibility that Lottery.com may be adversely affected by other economic, business, and/or competitive factors; (ix) the ability of Lottery.com to achieve its strategic and growth objectives as stated or at all; and (x) those factors discussed in the proxy statement/prospectus filed by Lottery.com with the SEC under the heading “Risk Factors” and the other documents filed, or to be filed, by Lottery.com with the SEC. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Lottery.com has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov.
CONTACT: Lottery.com Contact: [email protected]