Welcome to our dedicated page for Lottery.com news (Ticker: LTRY), a resource for investors and traders seeking the latest updates and insights on Lottery.com stock.
Lottery.com, Inc. (NASDAQ: LTRY) is at the forefront of revolutionizing the lottery industry through its innovative and user-friendly platforms. The company enables users to purchase legally sanctioned lottery tickets both domestically and internationally via the Lottery.com app and website. This technology-driven approach ensures that lottery players never lose a ticket, never miss a jackpot, and can cash out anytime, all from the convenience of their mobile devices. Additionally, Lottery.com offers a business-to-business (B2B) API that allows commercial partners to integrate its lottery services into their own platforms.
Recent developments highlight Lottery.com’s strategic growth and diversification. The company has secured significant funding and announced a series of acquisitions aimed at expanding its footprint in the sports and wellness industries. Notably, Lottery.com acquired Nook Holdings Limited, a leading co-working space provider in Dubai known for its innovative approach to sports, fitness, and wellness. This acquisition will be rebranded as Sports.com, marking Lottery.com’s entry into the dynamic sports entertainment sector.
Sports.com is poised to become a premier sports entertainment platform, offering services ranging from live streaming and e-gaming to data analytics and merchandising. The initiative aims to connect fans, athletes, teams, and sponsors, creating an immersive and engaging sports ecosystem. With a physical presence in the Middle East, particularly in the Dubai Multi-Commodities Centre Free Zone, Sports.com is set to foster growth for sports-related startups and entrepreneurs.
On the financial front, Lottery.com has bolstered its stability and growth potential through new funding agreements, including a recent $18 million investment from Prosperity Investment Management. This capital injection will accelerate strategic acquisitions and market development initiatives for both Lottery.com and Sports.com brands.
The company’s strategic alliances also include a partnership with WA.Technology to enhance Lottery.com’s operations across Africa, the Pacific Region, Brazil, and other parts of Latin America. This alliance will leverage WA.Technology’s iGaming platform solutions to support Lottery.com’s global expansion.
Through its innovative platforms and strategic ventures, Lottery.com is not only reshaping the lottery experience but also pioneering new avenues in the sports and entertainment industries. The company remains committed to delivering responsible and trusted solutions while promoting community and philanthropic initiatives through platforms like WinTogether.org, which gamifies charitable giving.
Lottery.com (NASDAQ:LTRY)(NASDAQ:LTRYW) has appointed Mark Gustavson as its new Chief Executive Officer, effective February 1, 2023, replacing Sohail S. Quraeshi. Gustavson brings 17 years of extensive business experience, having held senior positions in various tech firms. He was previously CEO at ZENIOS Technologies and has been involved in successful expansions, including acquiring Sansar. The Board of Directors is yet to determine his compensation. Chairman Matthew McGahan expressed confidence in Gustavson's ability to drive Lottery.com’s turnaround strategy and enhance its operational capacity and revenue streams.
Lottery.com (NASDAQ: LTRY, LTRYW) announced a strategic partnership with the Saudi Motorsport Company (SMC) coinciding with the FIA World Touring Car Cup in Jeddah. This partnership involves branding and advertising around the event, laying the groundwork for a future joint venture. Sports.com, Lottery.com’s subsidiary, is set to revolutionize sports entertainment, offering live and on-demand content globally. SMC aims to promote motorsport events in Saudi Arabia and expand its international appeal. Both companies anticipate future collaborations to enhance sports viewing experiences.
Lottery.com, based in Austin, Texas, announced a delay in filing its Quarterly Reports on Form 10-Q for the quarters ended June 30 and September 30, 2022, due to ongoing reviews of its internal accounting controls. The company received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the filing delinquencies. The deadline for submitting a plan to regain compliance has been shortened to December 1, 2022. The company intends to file the reports promptly to comply with Nasdaq regulations.
Lottery.com has announced an exclusive multi-year partnership with Data Sports Group for its subsidiary, Sports.com. This collaboration will provide world-class sports content to digital publishers, covering major leagues including the NFL, NBA, MLB, NHL, and more. The content will feature live scoring, standings, and schedules, available via an API or as integrated content. The partnership aims to enhance the offerings of both brands and leverage Lottery.com's experience in data provision. This platform is set to cater to existing and new clients globally.
Lottery.com, Inc. (LTRY, LTRYW) announces significant leadership changes, appointing Matthew H. McGahan as Chairman of the Board, alongside new directors Barney Battles and Naila Chowdhury. McGahan's experience in corporate turnarounds aims to guide the company through a revitalized growth strategy amid a changing business environment. Battles brings expertise in gaming and financial discipline, while Chowdhury focuses on building global business partnerships. These appointments are seen as critical steps in enhancing the company's governance and strategic capabilities.
Lottery.com has announced the appointment of Yusufali & Associates, LLC as its new independent registered public accounting firm for financial reviews and audits. This change comes alongside the recent appointment of new board members, an interim CEO, and an interim CFO. Sohail Quraeshi, the CEO, expressed confidence in Yusufali’s extensive experience to heighten the company's financial accountability. This marks a pivotal moment for Lottery.com, emphasizing a commitment to improved financial processes.
Lottery.com has announced a delay in filing its Form 10-Q for the quarter ended June 30, 2022, due to ongoing reviews of its financial statements and internal accounting controls. This delay has led to a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1). The company has a grace period until August 31, 2022, to file the required report or submit a compliance plan. Additionally, Lottery.com has furloughed most employees as it lacks enough financial resources to sustain operations. The company is actively working to rectify its compliance issues.
Lottery.com reported first quarter 2022 revenue of $21.2 million, a significant increase of 287% from the same period last year. Gross profit rose to $18.0 million, up 620%, while the company faced a net loss of $15.8 million, widening from $5.5 million a year earlier. Adjusted EBITDA improved to $7.7 million, driven by strong sales of LotteryLink credits despite increased personnel costs. Cash reserves stood at $50.8 million, bolstered by a previous business combination. The company is pursuing new B2C initiatives and expanding its LotteryLink affiliate network.
Lottery.com has announced a conference call scheduled for May 16, 2022, at 8:30 a.m. ET to discuss its first-quarter results for the period ending March 31, 2022. A press release with detailed results will be issued before the call. Interested parties can join via telephone by dialing 877-313-2495 or 929-517-0906 for international calls, using conference code 9189693. A live webcast will be available on Lottery.com’s Investor Relations page, along with a replay for those unable to listen live.
Lottery.com reported a strong financial performance for Q4 2021 with revenues reaching $21.5 million, a remarkable 559% increase from the previous year. Full-year revenue climbed to $68.5 million, reflecting a 819% growth, driven mainly by the sales of LotteryLink credits. However, the company noted a net loss of $9.3 million for the year, primarily due to high stock compensation and interest expenses. With approximately $62.6 million in cash as of year-end, Lottery.com aims to leverage its growth momentum and explore new market opportunities in 2022.
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