Published
LotteryFinancial

Lottery Inc reports $21.2m in Q1 2022 revenue

Lottery.com has reported revenue of $21.2m for the first quarter of 2022, up 287% from the first quarter of 2021.

lottery com q1 2022 gi web image
Listen To Article

The group noted that the increase was primarily driven by the sale of LotteryLink credits to a LotteryLink affiliate, primarily to “acquire pre-paid promotional rewards that may be issued by the affiliate to consumers for their purchase of lottery games and services from Lottery.com upon activation of an account.”

Gross profit for the period was up $15.5m year-on-year to $18m, while net loss and adjusted EBITDA were $15.8m and $7.7m respectively.

Lottery.com explained that the increase in gross profit was primarily driven by the sale of LotteryLink credits to the aforementioned LotteryLink affiliate.

Cash as of 31 March 2022 was $50.8m, driven by proceeds from the business combination with Trident Acquisition Corp. in October 2021, as well as strong operating results.

And debt at the end of March was $3.5m, due to the conversion of the group’s convertible debt into equity, in conjunction with the business combination.

“I’m pleased with our first quarter results and the team’s continued focus on our core business and generating strong adjusted EBITDA,” said Lottery.com Co-Founder and CEO Tony DiMatteo.

“Once again, LotteryLink has demonstrated its ability to contribute to our top and bottom line growth and expand our user base with limited advertising spend. 

“In our B2C business, our focus on market testing and securing permission to advertise on large digital media platforms has solidified our foundation to launch accretive user acquisition campaigns over the balance of the year.”

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Flutter
Galaxy Gaming
Churchill Downs Incorporated
Oddsworks
Follow Us

Global Gaming Awards Asia-Pacific: Going live

The Global Gaming Awards Asia-Pacific are set for their firs...

Preview: SiGMA Asia 2024

SiGMA’s annual Asia summit comes back to Manila – signif...

Company profile: Praxis Tech

Being payments ready in Asia - A call to action for iGaming...