Lottery.com, Inc. Recommences Ticket Operations
Lottery.com has resumed ticket sales in Texas and partnered with International Gaming Alliance (IGA) to distribute Texas lottery tickets in the Dominican Republic. In its first week back in operation, Lottery.com supplied over 7 million tickets. The IGA agreement will enable official ticket sales through over 1,000 retail points in the Dominican Republic, with expected ticket supply starting in May 2023. CEO Mark Gustavson emphasized the company's recovery from a nine-month shutdown, tripled production capacity, and efforts to comply with Nasdaq Listing Rules. The company is enhancing its internal controls and looks forward to future growth opportunities.
- Resumed ticket sales operations with over 7 million tickets supplied in the first week.
- Exclusive agreement with IGA for ticket distribution in the Dominican Republic.
- Increased production capacity through retail partner network has tripled.
- Focus on compliance with Nasdaq Listing Rules and improving internal controls.
- None.
Affiliate Program Reactivated and Dominican Republic Distribution Deal Reached
AUSTIN, Texas, April 25, 2023 (GLOBE NEWSWIRE) -- Lottery.com, Inc. (NASDAQ: LTRY, LTRYW) (“Lottery.com” or “the Company”) announces that it has resumed ticket sales operations to support its affiliate partners through its Texas retail network. The company supplied more than seven million tickets for Texas lottery games in its first week of operation.
The Company is also delighted to announce that it has signed an exclusive affiliate agreement with International Gaming Alliance (IGA), to supply official Texas lottery tickets in the Dominican Republic. IGA has an established retail and online distribution network in the Dominican Republic with access to more than 1,000 retail distribution points. As part of the agreement IGA has facilitated integration of Lottery.com’s ticket management platform into its partner’s EPOS systems. Lottery expects to begin supplying tickets during May 2023, after completion of testing.
Mark Gustavson, CEO of Lottery.com said:
“We are making great progress as a company and it is testament to the resilience of both our operational alacrity and our people that we were able to fulfill this order in such a short time frame, after almost nine months of shut down. We are now up and running again and able to supply tickets. Our production capacity through our retail partner network has tripled; and all machines and personnel capacity has been ramped up to supply our customers. These will include our new agreement with IGA in the Dominican Republic and we hope to announce further deals in due course.
He added: “Since my arrival, regaining compliance with the Nasdaq Listing Rules has been an absolute priority. In this regard, the new management team is working with our auditors and other advisers to substantially improve our disclosure and reporting controls, as well as implementing an overhaul of our systems of internal control. Our business turnaround is working to plan and we optimistic about the future prospects for the business.”
Erick Caceres, Managing Partner for Dominican Republic Operations added:
“We are thrilled to partner with Lottery.com, Inc. to bring official Texas lottery tickets to the Dominican Republic. This partnership will provide an exciting opportunity for lottery enthusiasts in the Dominican Republic to participate in one of the most popular lottery games in the United States, and we look forward to delivering a seamless and secure experience through our partner retailers such as the Domloteria app and other authorized retail outlets.”
About Lottery.com, Inc.
Lottery.com, Inc. is a leading technology company that is transforming how, where and when lotteries are played. Its engaging mobile and online platforms enable players and commercial partners located throughout the United States and other countries to remotely purchase safe and legally sanctioned lottery games. Lottery participants look to the Company’s website, Lottery.com, for compelling, real-time results on over 800 lottery games from over 40 countries. Lottery.com’s mission remains the same: an uncompromising passion to innovate, grow a new demographic of enthusiasts, deliver responsible and trusted solutions, and promote community and philanthropic initiatives.
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 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding the company’s future financial performance, as well as the company’s strategy, future operations, revenue guidance, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” 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. Except as otherwise required by applicable law, Lottery.com 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. Lottery.com 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 Lottery.com. In addition, Lottery.com cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the outcome of any legal proceedings that may be instituted against Lottery.com; (ii) the Company’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and its accounting staffing levels; (iii) the effects of competition on Lottery.com’s future business; (iv) risks related to its dependence on its intellectual property and the risk that technology could have undetected defects or errors; (v) changes in applicable laws or regulations; (vi) risks related to the COVID-19 pandemic or other pandemic and their effect directly on Lottery.com and the economy generally; (vii) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (viii) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (ix) the ability of Lottery.com to achieve its strategic and growth objectives as stated or at all; and (x) those factors discussed in the proxy statement/prospectus filed by Lottery.com, Inc. with the U.S. Securities and Exchange Commission (“SEC”) under the heading “Risk Factors” and the other documents filed, or to be filed, by the Company with the SEC. 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. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Lottery.com 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.
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