Online lottery platform AutoLotto Inc (Lottery.com) has entered into a definitive agreement with Trident Acquisitions Corp for a business combination that would result in Lottery.com becoming a publicly listed company.
Founded in 2015, Lottery.com allows users to play the lottery from their phone and on the go, offering official state-sanctioned lottery games like Powerball, Mega Millions and state games where permitted.
The online lottery platform is also among the world’s largest providers of lottery data to over 400 digital publishers, including hundreds of digital newspapers, television and news sites, and major digital publishers such as Google, Verizon/Yahoo and Amazon’s Alexa devices.
The combined company will have an estimated post-business combination enterprise value of approximately $526m.
Vadim Komissarov, CEO of Trident, said: “Lottery.com’s innovative platform has already made significant progress bringing the lottery industry into the digital age and continuing to expand its markets both domestically and internationally.
“With a track record of substantial growth and user base expansion in a relatively short period of time, we are confident that Lottery.com has the ability to cement its place as a leading online platform to both play the lottery and to introduce additional wagering and games of chance worldwide.
“We believe this transaction will allow Lottery.com to be on a path to reach its true growth potential, and we look forward to working with the team as we introduce their compelling story to the public markets.”
Lottery.com said it has worked closely with state regulators to advance the industry into the digital age. Through its online platform, it provides official lottery games and enhanced regulatory capabilities by developing innovative blockchain technology, while also capturing untapped market share, including digitally native players.
With the expected proceeds to be received by Lottery.com upon the closing of the transaction, the platform would be well-positioned to accelerate its revenue growth through further expansion in its existing markets and into new high-growth markets.
Co-founder and CEO of Lottery.com, Tony DiMatteo, added: “Lottery.com is innovating a legacy industry with ground-breaking technologies poised to capitalize on the large population of active internet and smartphone users in the US and throughout the world.
“Over the past several months, we have made significant progress, launching our app in the Google Play Store and expanding domestically into Colorado and internationally through announced partnership plans in Turkey and Ukraine.
“We believe this transaction will further enhance our ability to grow into new markets as consumers are now, more than ever, engaging with digital and online platforms. The team at Trident shares our vision of growing into a global marketplace for legally available lottery games, and other games of chance, to consumers across the world and we firmly believe this partnership will accelerate our growth.”
Lottery.com is expected to continue to be supported by a strong advisory board and notable investors within the venture capital, gaming and entertainment industries, including:
- Jason Robins, CEO of DraftKings
- Peter Diamandis, Chairman of XPRIZE Foundation
- Ben Narasin, Venture Partner of NEA
- Paraag Marathe, San Francisco 49ers Enterprises President and EVP of Football Operations
- Matthew Le Merle, Co-founder and Managing Partner of Fifth Era and Keiretsu Capital
- Jamie Gold, The Poker Philanthropist
Marathe commented: “We were early investors into Lottery.com because we recognised the commitment to win in Tony and Matt, and the opportunity Lottery.com has to become the trusted brand in the space. I am excited for the next phase of the business, and believe the future is bright for Lottery.com.”