Recent news on Lottery.com’s fundraising and strategic acquisitions has been made public.New investors put $1 million into the business after the firm entered into a placement agent arrangement with Univest Securities. The Nexus Gaming Platform, WinTogether, and the LotteryLink affiliate program are some of the essential operations that will be supported by this capital, which comes in the form of convertible promissory notes and common stock purchase rights. With this most recent round of funding and ongoing backing from UCIL, Lottery.com has reached a turning point, according to COO Gregory Potts. In order to resume operations with a system that can handle the growing demands of our users, we are concentrating on improving our technological infrastructure and customer experience. In addition to providing much-needed capital, our investors’ backing demonstrates their faith in our business acumen and our plans for the future. In an effort to strengthen the position of its Sports.com brand in the Middle Eastern market, Lottery.com has also adjusted the conditions of its acquisition of Nook Holdings Limited (Nook).
The transaction is set to close in the first quarter of 2024, with the goal of rebranding Nook as Sports.com. Supporting sports entrepreneurs in Dubai with business establishment, insurance, VAT registration, and networking are some of Nook’s specialties in the health, fitness, and wellness industry. “Under the Sports.com brand, we will create a true sports incubator,” said Lottery.com CEO Matthew McGahan. “By leveraging our extensive network to provide tailored guidance for startups, connecting them with accomplished entrepreneurs, strong networks and supportive investors, we will foster growth for companies and individuals.” Recent executive appointments at Lottery.com include Matthew McGahan to the position of chief executive officer and Gregory Potts to that of chief operating officer. McGahan has worked with Sports.com and United Capital Investments Limited in the past, while Potts has marketing and strategic growth expertise. In the past, Sports.com and the Saudi Motorsport Company worked together to boost the visibility of both brands. One such relationship occurred during the FIA World Touring Car Cup in Jeddah.
Gregory Potts, COO of Lottery.com, shared insights into the operational plans following the most recent funding:
A watershed moment has arrived for Lottery.com with this most recent injection of capital and ongoing support from UCIL. In order to resume operations with a system that can handle the growing demands of our users, we are concentrating on improving our technological infrastructure and customer experience. In addition to providing much-needed capital, our investors’ backing demonstrates their faith in our business acumen and our plans for the future.
Also, Lottery.com can move forward with its targeted acquisitions thanks to the fresh funding. The initial purchase agreement with Nook has been amended by the Company. Now that Lottery.com has paid the remaining deposit, they expect to close the deal on the Nook by the end of the first quarter of 2024.
When it comes to health, fitness, and sports, Nook is a trailblazer. Nook, a pioneer in the Dubai coworking space industry, has sold 200 licenses to sports-related individuals and businesses looking to tap into the Middle Eastern market. Nook provides a variety of services to sports entrepreneurs through its association with the Dubai Multi-Commodities Centre Free Zone (DMCC). These services include assistance with business setup, insurance, value-added tax registration, and networking events. Nook will now go by the name Sports.com as a result of the takeover.
Matthew McGahan, CEO of Lottery.com, commented:
“Today’s announcement is a reason for great optimism” after a difficult path for all parties. For our 2024 goal to come to fruition, it is essential that we secure new investors, have the backing of UCIL, and establish strategic alliances. We are entering a new and exciting period when we will be developing our sports.com brand and resuming lottery activities. Our commitment to utilizing cutting-edge technology to provide groundbreaking solutions ensures that we will remain at the forefront of lottery experience redesign. By acquiring Nook, we will establish a genuine sports incubator under the Sports.com umbrella. Our goal is to help individuals and businesses thrive by connecting them with successful entrepreneurs, influential people, and investors who can back their ventures.
When, where, and how people play the lottery is being revolutionized by Lottery.com, a front-runner in the IT industry. Legally sanctioned lottery games can be remotely purchased by players and commercial partners in the US and throughout the world through its interactive mobile and internet platforms. For exciting, up-to-the-minute results on over 800 lottery games from over 40 countries, fans and subscribers visit Lottery.com. Furthermore, Lottery.com is revolutionizing the way nonprofit donors are motivated to take action by gamifying philanthropic giving with WinTogether.org. The objective of Lottery.com has always been and always will be to innovate, attract a new generation of fans, provide reliable solutions, support charitable causes, and build strong communities. Check out https://www.lottery.com for more details.
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According to the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this press release includes statements that are considered “forward-looking statements” under those sections. Except for statements of current or past fact, this press release contains forward-looking statements about the company’s strategy, operations, revenue guidance, projected costs, prospects, plans, and objectives of management, as well as the company’s future financial performance.
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