Lottery.com Inc. Announces $18 Million Commitment from Prosperity Investment Management
December 21 2023 - 1:00PM
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.”
About Lottery.com
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.
Lottery.com Contact: ir@lottery.com
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