Lottery.com recently disclosed developments in fundraising and strategic acquisitions.
The company secured additional funding through a placement agent agreement with Univest Securities, resulting in a $1m initial investment from new investors.
This funding, in the form of convertible promissory notes and common stock purchase warrants, aims to support core operations like the Nexus Gaming Platform, WinTogether and the LotteryLink affiliate program.
Gregory Potts, COO of Lottery.com, said: "This latest infusion of funds and continued support from UCIL marks a pivotal moment for Lottery.com. We are focusing on enhancing our technological infrastructure and customer experience, ensuring that as we restart operations, we do so with a system that is robust, scalable and ready to meet the evolving needs of our users. The support from our investors is not just a financial boost but also a vote of confidence in our operational capabilities and future vision."
Lottery.com also revised terms for acquiring Nook Holdings Limited (Nook), intending to improve its Sports.com brand in the Middle East.
The acquisition, expected to conclude by Q1 2024, aims to rebrand Nook as Sports.com. Nook specialises in sports, fitness and wellness services, offering business setup support, insurance, VAT registration and networking for sports entrepreneurs in Dubai.
Matthew McGahan, CEO of Lottery.com, commented: "Through the acquisition of Nook, we will create a true sports incubator under the Sports.com brand, fostering growth for companies and individuals by leveraging our extensive network to provide tailored guidance for startups, connecting them with accomplished entrepreneurs, strong networks and supportive investors.”
Lottery.com made recent changes in leadership with the appointment of Matthew McGahan as CEO and Gregory Potts as COO. McGahan’s prior experience includes roles at Sports.com and United Capital Investments Limited, while Potts brings experience in strategic growth and marketing.
Earlier collaborations, like Sports.com's partnership with the Saudi Motorsport Company during the FIA World Touring Car Cup in Jeddah, aimed to increase brand visibility.
