LTRYW - Lottery.com Inc. Announces $18 Million Commitment from Prosperity Investment Management | Benzinga
AUSTIN, Texas, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Lottery.com Inc. (NASDAQ:LTRY, LTRYW)) ("Lottery.com" or the "Company"), a leading technology company that is transforming how, where, and when the lottery is played, is pleased to announce an $18 million investment commitment from Prosperity Investment Management ("Prosperity"). The funds will be used to accelerate the Company's strategic acquisition plans and fund market development initiatives for both the Lottery.com and Sports.com brands.
Prosperity will fund the Company through an investment vehicle provided by United Capital Investments Limited ("UCIL").
Warren Mecal, Founder of Prosperity, commented:
"I'm excited to have Prosperity be part of the resurgence of Lottery.com and the genesis of Sports.com. Our company has a unique understanding of the Motorsports sector. Our Motorsports ambassadors represent every major racing circuit, and we are excited at the opportunity to leverage them in support of the rollout of the Sports.com brand."
Matthew McGahan, CEO of Lottery.com, added:
"Prosperity is an ideal funding partner for our Company. They appreciate the value of Lottery.com and Sports.com and are investing both capital and strategic resources to benefit both our organizations' stakeholders. Prosperity's expertise and network in high-profile sports arenas offer an unrivalled opportunity for brand exposure and consumer engagement. This partnership not only fortifies the Company's balance sheet but also positions us to leverage the global appeal of motorsport for market development and audience expansion."
Strategic Synergy with Prosperity Investment Management
Prosperity Investment Management's extensive involvement in the world of Motorsport and Formula 1 aligns seamlessly with the strategic direction of Lottery.com and Sports.com. They work with high profile individuals such as with Indy car driver Callum Illott, LeMans hyper car's Mike Conway and F1's Alex Albon, affording the opportunity to extend the Company's reach into their home fan bases globally and particularly in the US, Mexico, UAE and the Far East. It also fits well with the Company's existing partnerships such as the agreement between Saudi Motor Sport and Sports.com announced earlier this year.
This collaboration marks a pivotal step in expanding the Company's footprint in the international sports arena. This ...