Lottery.com has announced its plans to accelerate strategic acquisitions with the backing of Prosperity, marking a pivotal step in expanding its international sports presence.
The investment will support the growth of both Lottery.com and Sports.com brands, with funding provided by United Capital Investments Limited (UCIL) through Prosperity.
Matthew McGahan, the recently appointed CEO of Lottery.com, expressed his enthusiasm for the partnership, calling Prosperity the ideal funding partner.
He emphasized Prosperity’s appreciation for the value of Lottery.com and Sports.com and its commitment to providing both capital and strategic resources for their stakeholders’ benefit.
McGahan highlighted Prosperity’s expertise and network in high-profile sports arenas as an unparalleled opportunity for brand exposure and consumer engagement, especially in the global motorsport market.
Prosperity, known for its interests in motorsports, including Formula One, where ambassadors Sergio Perez and Alex Albon compete, is excited to be part of Lottery.com’s resurgence and the rollout of the Sports.com brand.
Warren Mecal, Prosperity’s founder, noted their unique understanding of the motorsports sector and their intent to leverage their ambassadors to support Sports.com’s expansion.
Lottery.com also revealed its acquisition of Nook Holdings to develop the Sports.com brand in the Middle East and a partnership with ex-Elite Special Forces Commander Ant Middleton to expand brand awareness.
These collaborations align with the company’s commitment to integrating a dynamic sports experience with wellness, in line with Prosperity’s vision in the sports industry.
McGahan emphasized that Prosperity’s investment aligns with Lottery.com’s vision, providing the capital needed to accelerate strategic growth plans, particularly in the digital sports and gaming sectors. He believes that Lottery.com, in partnership with Prosperity and UCIL, is poised to redefine the industry’s landscape.
The investment comes after a year of ups and downs for Lottery.com, including changes in management and accounting non-compliance issues. McGahan, now permanent CEO, took charge in December, succeeding Mark Gustavson, who departed in February.
Gregory Potts was promoted to chief operating officer, and Robert Stubblefield became the new chief financial officer.
Lottery.com’s Q3 results revealed lower revenue but a reduced net loss, with revenue falling 59.9% to $285,523, but cost of revenue and operating spend decreasing significantly.
The net loss improved to $3.4 million compared to the previous year’s $6.0 million.
While recent developments indicate a change in approach for Lottery.com, it has faced challenges throughout the year, including legal issues and regulatory compliance concerns.
However, with the support of Prosperity and its strategic initiatives, the company is looking to enter the next phase of growth in the digital sports and gaming sectors.