Lottery.com Announces Global Advisory Board to Support Growth Initiatives

Rhea-AI Summary

Lottery.com (NASDAQ: LTRY) has established a global advisory board to provide strategic guidance and support the company's growth initiatives. The Advisory Board will focus on the company's primary brands, Lottery.com and Sports.com, offering expertise in gaming, technology, operations, media, compliance, and private equity.

The board includes Chairman Cary S. Fitchey from British Pacific Partners, who has raised over $2 billion in investments, along with members Ashleigh Barry, Damien Lipman, and Sam Verma, bringing diverse expertise in strategic communications, payment solutions, and gaming technology.

This development follows the SEC's Notice of Effectiveness for the company's S-1 last quarter. The Advisory Board will help expand the Lottery.com brand in markets supporting lottery and sweepstakes games, targeting the global lottery market valued at approximately $335 billion in 2023.

Positive

• Establishment of experienced advisory board with expertise in key business areas
• Recent SEC Notice of Effectiveness for S-1 registration statement
• Targeting expansion in $335 billion global lottery market

Negative

• Ongoing need to address legacy issues from prior management
• Multiple regulatory compliance challenges mentioned in risk factors
• Company faces going concern issues as mentioned in forward-looking statements

FORT WORTH, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Lottery.com Inc. (Nasdaq: LTRY, LTRYW) (“Lottery.com” or the “Company”), a leading technology company in digital lottery and sports entertainment, announces the establishment of a global advisory board (the “Advisory Board”) to provide active strategic guidance and support the Company’s growth, structure and expansion into new markets.

The Advisory Board will focus on the Company’s two primary brands, Lottery.com and Sports.com, along with its subsidiaries. As Lottery.com navigates complex opportunities for growth, the Advisory Board will offer steady leadership, bringing together industry leaders with deep experience in gaming, technology, operations, media, compliance and private equity. This distinguished group will provide independent advice on evolving trends and challenges to Lottery.com’s board of directors and executive management team, helping evaluate the Company’s current business model, refine operations and explore new trends and prospects to accelerate growth. Additionally, the Advisory Board will support corporate governance and offer strategic recommendations to ensure compliance and long-term stability.

The initial members of the Advisory Board are:

• Chairman: Cary S. Fitchey, Senior Managing Partner at British Pacific Partners LLC, a Los Angeles-based advisory firm and merchant bank. Mr. Fitchey raised and invested over $2 billion in the U.S., Europe and South Africa. Mr. Fitchey has been a special consultant to the CEO of the Company since May 2024 and has years of experience in acquisitions, strategy, compliance and corporate governance.

• Ashleigh Barry, Senior Vice President of Strategic Communications, National Association for Veteran’s Rights. A multiple Emmy and Edward R. Murrow Award-winning journalist, Ms. Barry has an extensive background in U.S. Federal Government advisory roles.

• Damien Lipman, Founder and Managing Director, TenXnet FZCO, a company specializing in providing payment solutions for complex jurisdictions. His career began as a British Army officer in The Life Guards Household Cavalry, where he served for eight years, including operational deployments in Afghanistan, earning recognition for leadership in high-pressure environments. His career also includes leadership roles in consultancy, hedge fund marketing, financial operations, business development and strategic partnerships.

• Sam Verma, Co-Founder and Chairman, FansXR, a portfolio of fan-controlled 2D, 360 and animated entertainment and sports gamification powered by extended reality and augmented data overlays. He has helped develop projects in hospitality, casinos and online gaming, along with extensive experience in international banking, communications, technology and marketing.

While Lottery.com continues to focus on the future, guided by principles such as integrity and transparency, it anticipates that the Advisory Board will also offer valuable insight and make recommendations to the Company moving it further and further away from legacy matters associated with the Company’s prior management. The formation of the Company’s Advisory Board comes at a favourable time as Lottery.com experiences renewed interest from investors following a Notice of Effectiveness for its S-1 from the SEC last quarter.

The Advisory Board will provide valuable expertise in responsibly expanding the Lottery.com brand, identifying and evaluating new markets that currently support lottery and sweepstakes games or are considering legalizing gaming. In 2023, the global lottery market was valued at approximately $335 billion, with nearly 30% of proceeds allocated to public programs such as education, veterans’ affairs, and healthcare. Lottery.com, with guidance from its Advisory Board, aims to enhance its impact in these areas by creating a sustainable philanthropic framework within its business model, reinforcing its commitment to social responsibility and community development.

Matthew McGahan, Lottery.com Chairman and CEO, commented:

“Immediately after receiving the Notice of Effectiveness from the SEC regarding our S-1 last fall, I met with the Company’s directors and executive team to discuss the formation of this advisory board. This is an important step to best position the Company for growth in a way that ensures compliance, trust with our customers and maximizes shareholder value.”

Cary Fitchey, Lottery.com Advisory Board Chairman, added:

“The Advisory Board will actively focus on how the Company can facilitate growth while navigating complexities of operating and marketing in multiple domestic and international markets. Our role is to support and augment the board and management to ensure the ongoing growth and structuring of the Company to achieve the value for our shareholders and the communities we serve.”

Ashleigh Barry, Lottery.com Advisory Board member also comment:
“Advocacy and strategic communication are essential in today’s evolving business landscape, and I am honored to join Lottery.com’s Advisory Board at such a transformative time for the Company. Lottery.com’s commitment to integrity and expansion aligns with my passion for driving meaningful impact, and I look forward to helping the company navigate its next phase of growth in the digital lottery and sports entertainment industry.”

Important Notice Regarding Forward-Looking Statements 

This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company’s strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to, any future findings from ongoing review of the Company’s internal accounting controls, additional examination of the preliminary conclusions of such review, the Company’s ability to secure additional capital resources, the Company’s ability to continue as a going concern, the Company’s ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, the Company’s ability to regain compliance with the Bid Price Requirement, the Company’s ability to regain compliance with Nasdaq Listing Rules, the Company’s ability to become current with its SEC reports, and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form 10-K/A filed by the Company with the SEC on June 14, 2024, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

This press release was published by a CLEAR® Verified individual.

FAQ

Who are the key members of LTRY's new global advisory board?

The advisory board is led by Chairman Cary S. Fitchey from British Pacific Partners, with members including Ashleigh Barry (Strategic Communications expert), Damien Lipman (TenXnet FZCO founder), and Sam Verma (FansXR Co-Founder).

What is the size of the global lottery market LTRY is targeting in 2023?

The global lottery market was valued at approximately $335 billion in 2023, with nearly 30% of proceeds allocated to public programs.

What is the main purpose of LTRY's new advisory board?

The advisory board will provide strategic guidance, support growth initiatives, ensure compliance, and help evaluate and refine the company's business model while exploring new market opportunities.

When did LTRY receive the SEC Notice of Effectiveness for its S-1?

Lottery.com received the Notice of Effectiveness for its S-1 from the SEC in the last quarter prior to February 2025.

What are the main brands the LTRY advisory board will focus on?

The Advisory Board will focus on the company's two primary brands: Lottery.com and Sports.com, along with its subsidiaries.