Leading global lottery broker and lottery information provider, Lottery.com, is going public. This, after reaching a final agreement to enter into a merger with Trident Acquisition Group.
According to a news release, the combined group will have a post-business combination value of $526 million. Lottery.com will receive a $45 million growth fund boost after Trident completes the acquisition.
When Lottery.com first announced talks with Trident, it said the cash infusion will put the company in position to expand further. Lottery.com says it will be “well-positioned to accelerate its revenue growth” through further expansion into existing markets, both domestically and internationally.
Pioneer in the Online Lottery Industry
Lottery.com was founded in 2015, offering users the option to play multiple lotteries from their mobile devices, including Powerball, Mega Millions, and state games. Additionally, Lottery.com operates as the world’s largest lottery data provider. Data clients include prominent names in TV, online news, and even Amazon Alexa devices.
According to the press release, Lottery.com has worked closely with state regulators as the lottery industry moves into the digital age and regulations continue to evolve.
Untapped Potential as Lotteries Go Online
With just 4% of the $430 billion worth of global lottery sales conducted online, the sky is the limit when it comes to growth potential for Lottery.com. COVID-19 has been the catalyst for many lotteries to rethink their sales strategy, and regulators are quickly warming to the idea of allowing their lotteries to move online.
After Trident and Lottery.com complete their transaction, the combined company will take on the Lottery.com trademark and join the Nasdaq Stock Market.
“With a track record of substantial growth and user base expansion in a relatively short period of time, we are confident that Lottery.com has the ability to cement its place as a leading online platform to both play the lottery and to introduce additional wagering and games of chance worldwide,” said Vadim Komissarov, the chief executive of Trident.
“We believe this transaction will allow Lottery.com to be on a path to reach its true growth potential, and we look forward to working with the team as we introduce their compelling story to the public markets.”
Busy Months for Lottery.com
The CEO of Lottery.com, Tony DiMatteo, pointed out that the platform has “ground-breaking technologies” allowing it to capitalize on the large and growing population of active internet and smartphone users in the United States and around the world.
In recent months, Lottery.com has:
- Launched its app in the Google Play Store. This move extended the company’s services to the Android platform, providing Android users in select locations the ability to purchase lottery tickets and find world lottery results.
- Expanded its US presence by launching in Colorado.
- Entered the Ukrainian market by signing a partnership agreement with the state lottery operator MSL to offer US lottery products in the country.
- Signed a 30-year deal with the Turkish company Inball to target the 58 million people in the country who are eligible to purchase lottery tickets.
Speaking on the deal with Trident, DiMatteo said, “We believe this transaction will further enhance our ability to grow into new markets as consumers are now, more than ever, engaging with digital and online platforms.”