Tony DiMatteo, CEO of Lottery.com, has stated he believes there’s a ‘huge expansion opportunity’ in the market of online lottery ticket purchasing.
During a recent appearance on The Bell2Bell Podcast, the boss of the online lottery platform spoke about his own company and how he sees the lottery market evolving in the future.
DiMatteo commented that he thinks the online market for lottery ticket purchases is poised for rapid growth as currently, only a small percentage of all lottery sales in the US take place online.
He said: “It’s about an $80bn market domestically, and right now less than 1% of all lottery sales in the US are done online. So, there’s a huge expansion opportunity there.
“As we look at the international market, it’s around $400bn total lottery sales globally. We intend to expand internationally pretty aggressively either through directly entering those markets or through partnerships or M&A activity.”
In recent months, Lottery.com has executed its plan to grow internationally, signing deals to offer lottery products in Nigeria, Ukraine, and Turkey. It has also expanded its operations in Mexico and throughout Latin America with the acquisitions of lottery companies JuegaLotto and Aganar.
Back in February, the online lottery platform entered into a definitive agreement with Trident Acquisitions Corp. to become a publicly traded company listed on The Nasdaq Stock Market, a deal which it expects to complete later this year.
DiMatteo said: “We’re in the process of actually going public through a SPAC, with Trident Acquisitions Corp. The ticker symbol is ‘TDAC’ on the Nasdaq. We’re very excited. Once we close the transaction, the symbol will switch from ‘TDAC’ to ‘LTRY’, and we expect that to happen around May of this year.
“I’ve always thought we are destined to be a public company. We have a dominant brand in our space, and it’s only natural that we enter the public markets.”