Lottery.com plans New York Nasdaq IPO23rd November 2020 8:18 am GMT
Texas-based online lottery provider Lottery.com has revealed plans to become a publicly listed company through a business combination with Nasdaq-listed Trident Acquisitions Corp.
Lottery.com has entered into a binding letter of intent with the special purpose acquisition company (SPAC) and expects to complete the business combination during the first quarter of 2021.
Founded in 2015, Lottery.com allows players to buy official state lottery games such as Powerball and MegaMillions online and is currently live in Texas and nine other US states.
In addition, the company is the only lottery platform authorized to sell Powerball tickets in 148 countries.
“Lottery.com has developed an innovative platform that is revolutionizing the lottery industry and bringing it into the digital age,” said Trident chairman Marat Rosenberg. “The company has developed a world-class safe and secure mobile lottery platform that provides users the ability to play official lottery games right from their phone.
“Lottery.com is developing blockchain technology to maintain an accurate ledger of each transaction, significantly curtailing the ability for fraudulent activity. With a track record of substantial revenue growth and user base expansion in a relatively short period of time, we believe that Lottery.com has the potential to cement its place as the leading online platform to play the lottery worldwide.
“As an experienced SPAC team with a track record in the blockchain-enabled online platform space, we look forward to introducing the story of Lottery.com to the public market.”
Lottery.com co-founder and CEO Tony DiMatteo commented: “Since the inception of Lottery.com, it was our aim to cooperatively transform a legacy industry with innovative technologies and capture significant market share of a large population of smartphone-using potential customers.
“We have already been successful in our mission, accelerating revenue growth each year, expanding our footprint and making the lottery much more accessible to modern consumers through an easy-to-use and secure mobile application and core technology.
“As we look to further capitalize on current trends with more consumers shopping from home and interacting through mobile applications than ever before, we believe the business combination with Trident will provide us ample capital to accelerate our growth and enter our next stage as a public company.”
Lottery.com is supported by an advisory board and notable investors within the venture capital, gaming and entertainment industries, including DraftKings CEO Jason Robins, XPRIZE Foundation chairman Peter Diamandis, NEA venture partner Ben Narasin, 49ers Enterprises president Paraag Marathe, and The Poker Philanthropist’s Jamie Gold, among others.