Lottery technology broker Lottery.com has announced an $18.0m (£14.2m/€16.4m) investment commitment from Prosperity Investment Management. The company plans to use the funding to accelerate its strategic acquisition plans and support market development initiatives for both its Lottery.com and Sports.com brands.
The investment will be provided by United Capital Investments Limited (UCIL), an investment vehicle offered by Prosperity. Matthew McGahan, who recently took over as CEO of Lottery.com, expressed his enthusiasm for the new financial support, stating that Prosperity is the ideal funding partner for the business.
According to McGahan, Prosperity’s expertise and network in high-profile sports arenas offer an unrivaled opportunity for brand exposure and consumer engagement. The partnership with Prosperity aligns with the company’s vision to leverage the global appeal of motorsport for market development and audience expansion.
Prosperity has a strong presence in the motorsports industry, with interests in Formula One and ambassadors like Sergio Perez and Alex Albon. The company’s founder, Warren Mecal, expressed excitement about being part of the resurgence of Lottery.com and the genesis of the Sports.com brand.
The collaboration between Lottery.com and Prosperity is seen as a pivotal step in expanding the company’s footprint in the international sports arena. Additionally, Lottery.com recently acquired Nook Holdings to help develop the Sports.com brand in the Middle East and partnered with ex-Elite Special Forces Commander Ant Middleton to expand brand awareness.
McGahan believes that the investment from Prosperity strategically aligns with the company’s vision and provides the necessary capital infusion to accelerate strategic growth plans, particularly in the rapidly evolving digital sports and gaming sectors.
However, Lottery.com has faced challenges in the past year, including changes in management, a class action lawsuit related to accounting non-compliance, and legal disputes with former partners. Despite these challenges, the company is aiming to turn things around with the new investment and strategic partnerships.