Lottery.com said the strategic acquisition, financial details of which were not revealed, will see the rebrand take place immediately.
SportLocker, which has links to Saudi Arabia’s burgeoning sports programme, previously announced plans for club acquisition, sponsorship and media partnership programmes – focussed on UK football and the US Major Soccer League (MSL).
Austin-based Lottery.com said in a statement that it would acquire S&MI, the owner of SportLocker, in a stock-based deal. The deal comes after announcements in recent days relating to the issuing of 20m shares (totaling $100m) and “a substantial expansion” in fundraising. The latter includes commitments from new and existing investors rising to $5m from $1m.
No mention of betting
The Sports.com platform will first roll out in the US and Europe, along with dedicated efforts in the Middle East. It aims to combine sports news, live streaming and content such as documentaries and films. Despite Lottery.com’s links to gambling, there is no mention of sports betting being included on the new Sports.com platform.
Lottery.com said a core strategy behind the plan includes leveraging its existing partnerships with Mobile Network Operators (MNOs). These offer localised branded sports content services. This approach, it said, enhances the value proposition for MNOs by servicing the demand for sports video content from large scale audiences across many markets directly onto consumers’ mobile devices.
Sports.com is “determined” to expand worldwide, via sports such as soccer, motor racing, football, baseball, basketball, MMA, boxing, cricket, golf and tennis. A dedicated parallel program committed to women’s sports is also expected to launch.
Lottery.com CEO: ‘Great strategic importance’
Matthew McGahan, chairman and CEO, said: “This acquisition is of great strategic importance to our group. We are delighted to unveil Sports.com to the world with a revolutionary vision that will transform how fans engage with sports.
“By integrating SportLocker’s robust MNO partnerships, localised content services and community-focused features with enhanced content and technology, we are creating a dynamic ecosystem where fans can not only consume sports, but also connect and create in ways never before offered to the mass of sports fans worldwide.
“We are positioning Sports.com to offer sports fans an unparalleled year-round experience. The introduction of our media platform is just a glimpse of how we intend to bring fans closer to the sports they love.”
Africa and India among target regions for Lottery.com
Throughout 2024, Lottery,com said it plans to add new features to the platform and invest in innovative technologies for Sports.com. These will focus on providing sports fans “with content that truly matters to them”. This will be achieved though the creation of communities and sports-centric social media campaigns with leading sports stars.
Following on from its initial US and European markets, Sports.com plans to extend its reach into Africa, India, South America, Asia and Australia.
It said it will aim to deliver global sports content along with regional sports content. The business will also offer comprehensive pre and post-match stats, news, and event highlights. This will include access to the Indy 500, Dakar Rally, FIA Formula E, and the Formula 1 season.
Broadcasts of the PGA Tour, LPGA Tour, and the Masters Golf Tournament will also be included. It will also include coverage of tennis Grand Slams, including the Australian Open, French Open, ATP and WTA tours.
Majed Al Sorour, president of Sports.com and Saudi Golf, said: “I am thrilled to lead Sports.com into a new era where technology and passion for sport converge to create unparalleled experiences for fans worldwide.
The former director and CEO of LIV Golf and Newcastle United FC added: “Our vision is to revolutionise fan engagement, making every moment more interactive, accessible, and engaging. Supporting Sports.com at this transformative stage, I look forward to leveraging my experience to catalyse growth, innovation, and community-building in the sports and technology landscape.”
Lottery.com on the up after turbulent times?
In its most recent financial results, Lottery.com said it reduced its net loss by more than 43.0% in Q3. This came despite reporting a decline in revenue for the period.
Lottery.com posted revenue of $285,523 (£225,800/€261,703) in Q3. This was 59.9% down from the $711,477 reported in the three months to 30 September 2022. It posted a pre-tax loss of $3.4m, compared to $6.1m in Q3 in the prior year.
Lottery.com in May 2023 revealed it faces “material weakness” over accounting non-compliance. This was in the face of a class action suit served in 2022 on behalf of investors and former employees.
More recently, Lottery.com regained compliance with Nasdaq Stock Market rules over a year after falling foul of regulations. In September, Nasdaq’s Listing Qualifications Department confirmed the broker evidenced compliance with minimum bid price requirements.
Original article: https://igamingbusiness.com/strategy/ma/lottery-com-unveils-revolutionary-vision-following-sportlocker-acquisition/
