Online lottery platform Lottery.com has agreed to a 30-year partnership with Turkish company Inball.
The deal will see Lottery.com offer select products in Turkey, both physically and electronically.
The company also is targeting mid-February 2021 to sign a definitive agreement for a business combination with Trident Acquisitions Corp after announcing a binding letter of intent to merge with the group in November.
Lottery.com CEO Tony DiMatteo said: “Lottery.com has long had the goal to further our expansion, not only domestically, but internationally.
“We believe Inball is going to be a great partner to introduce us to the Turkish market and we feel confident and grateful to be partnered with such a strong brand. The expected business combination with Trident Acquisitions should provide Lottery.com with the necessary capital to support our international expansion.”
Turkey has a market of approximately 58 million people eligible to purchase lottery products. Inball has a commercial partnership with Mete Group, the country’s largest advertiser, and with Unilever among other large corporations. Inball also owns Karsan, a large distribution company listed on the Turkish Fortune 500.
Niyazi Mete, CEO of Inball and Mete Group, explained: “We are very keen to launch this business in Turkey as soon as possible. We are working with officials to finalise legal approvals and to begin distribution of US lottery products in Turkey.”
Lottery.com has been working on its business development strategy and has several additional business developments that will be disclosed in the coming weeks. This deal marks the first international cooperation agreement and further paves the way for international expansion.
The move also strongly affirms Lottery.com’s commitment to complete a business combination with Trident Acquisitions Corp, as the company views access to the public capital markets as a critical part of its growth strategy.