Lottery.com has announced a new brand identity, in the midst of a Securities and Exchange Commission (SEC) civil action against the company and three of its former executives.
The SEC filed legal action against the lottery courier and media group on 22 January in the District Court for the Southern District of New York, alleging that the company’s former CEO and two other executives committed fraud.
According to the regulator, former CEO Anthony DiMatteo and ex-executives Matthew Clemenson and Ryan Dickinson fraudulently inflated Lottery.com’s revenue before and after the merger with Trident Acquisitions Corp in 2021.
Following this merger, the Lottery.com group rebranded to trade as SEGG Media – reflecting the diversification of its product range after the accusations of other platforms like Sports.com, Concerts.com and TicketStub.com.
However, the company continues to be registered as Lottery.com Inc. In an announcement this week, the company revealed that it has filed with the Delaware Department of Corporations to change its corporate name to Sports Entertainment Gaming Global Corporation.
“This name change reflects the Company’s mission moving forward,” said Marc Bircham, Chairman of SEGG Media’s board.
“Sports Entertainment Gaming Global Corporation more accurately represents the businesses we are building, the sectors we are focused on and the and the markets that drive the Company’s growth.
“Our emphasis remains on disciplined execution, strengthening our brand portfolio, and creating sustainable, long-term value.”
SEGG expects settlement
In its statement revealing the rebrand, SEGG also addressed the SEC allegations, asserting the former executives identified in the suit “are no longer employed by, nor affiliated with, the company in any capacity”.
“The Complaint is directly related to the conduct of these former officers and directors that occurred between 2020 and mid-2022, including periods prior to and shortly following the Company’s merger with Trident Acquisitions Corp,” SEGG’s statement read.
The SEC’s charges in question, as noted above, relate largely to alleged occurrences in 2021 ahead of the Lottery.com-Triden merger which saw the former’s revenue for 2021 overstated by over 300% and for the first quarter of 2022 by nearly 800%.
The regulator alleges that then-Trident CEO Vadim Komissarov conducted a fake transaction of $9m of valueless customer data with the three executives to artificially inflate Lottery.com’s revenue.
This was because Trident would have to return over $60m to investors and Komissarov himself was at risk of losing millions if the company did not merge with a private firm before a regulatory deadline, according to the SEC.
The regulator also claims that Komissarov encouraged the three execs to inflate Lottery.com’s revenue even further via a $30m line of credit prior to the merger, followed by two fake sales of over $35m after the merger and subsequent public listing on the NASDAQ.
In the face of the serious nature of the allegations, SEGG remains adamant that the issue is close to being resolved and that a potential settlement with the SEC is in the pipeline.
The firm asserts that since 2022 it has ‘completely cleared house’, including implementing changes to management, governance, internal controls, and compliance with SEC requirements.
“The company has fully cooperated with the SEC’s investigation, and intends to continue such cooperation,” its statement read.
“While the Company believes the claims asserted against it lack merit and is prepared to defend the matter if necessary, it has engaged in non-binding discussions with the SEC regarding a potential settlement.
“Although there can be no assurance that a final agreement will be reached, the Company believes the matter is close to being resolved without material liability.”
The allegations follow another restructuring of SEGG’s management in December 2025 and amid its plans to continue investing and expanding its foothold in sports, as well as a view to build up a Latin American profile.