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Lottery.com expands global reach with new partnership

Published 02/07/2024, 06:37 AM
© Reuters.

LONDON - Lottery.com Inc. (NASDAQ:LTRY, LTRYW), a prominent online lottery service provider, has entered into a software purchase agreement with WA.Technology, aiming to extend its operations into Africa, the Pacific Region, Brazil, and other parts of Latin America. This strategic move, announced at ICE London 2024, is set to bolster the company's global growth efforts.

The partnership with WA.Technology, a leader in B2B iGaming solutions, will involve leveraging the latter's comprehensive iGaming platform and operational expertise to support Lottery.com's expansion. The collaboration will offer a suite of services including affiliate and lead generation strategies, and comprehensive legal, compliance, regulatory, and financial management, with the goal of increasing Lottery.com's brand presence and earning potential in global markets over the coming years.

The global lottery industry is witnessing significant growth, particularly with the rise of mobile and online lottery sales. WA.Technology's advanced solutions, including the WA.Lottery platform, positions it as a key player to assist Lottery.com in capturing new market opportunities and solidifying its presence in targeted regions.

Tim Scoffham, CEO of WA.Technology, expressed enthusiasm for the partnership, highlighting the alignment with Lottery.com's vision for creating a global lottery destination. Matthew McGahan, CEO and Chairman of Lottery.com, also noted the significance of the agreement for the company's growth strategy, particularly in South America, and emphasized the opportunity to concentrate on US ticket operations, the relaunch of the WinTogether sweepstakes business, and the rollout of Sports.com.

This information is based on a press release statement from Lottery.com Inc.

InvestingPro Insights

As Lottery.com Inc. (NASDAQ:LTRY, LTRYW) aims to expand its global footprint through a strategic partnership with WA.Technology, the company's financial health and market performance become increasingly relevant to investors. Here are some insights based on recent data and expert analysis from InvestingPro:

InvestingPro Data metrics indicate that Lottery.com's market cap stands at a modest 5.98 million USD. Despite the challenges faced in the industry, the company has maintained impressive gross profit margins, reaching 86.72% for the last twelve months as of Q1 2023. However, the revenue growth during the same period has significantly declined by 75.44%, reflecting the hurdles in scaling operations.

From the InvestingPro Tips, it's worth noting that analysts are forecasting sales growth in the current year, which could be a positive sign for the company's expansion efforts. Additionally, the company is trading at a low Price / Book multiple of 0.12, which may appeal to value investors looking for underpriced stocks.

For those considering an investment in Lottery.com, it is essential to be aware of the company's high price volatility, as the stock has experienced considerable price swings in recent months. The 1-month price total return as of the current date shows a steep decline of -33.55%, while the 3-month return has seen a rise of 22.35%. Such volatility could present both risks and opportunities for traders and investors alike.

For a deeper analysis and more InvestingPro Tips, including the company's ability to manage its short-term obligations and its cash burn rate, investors can explore further insights on https://www.investing.com/pro/LTRY. There are 21 additional tips listed on InvestingPro that could provide a more comprehensive understanding of Lottery.com's financial and market position.

Interested readers can take advantage of an exclusive offer using coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year InvestingPro+ subscription. These subscriptions offer valuable insights that can help investors make more informed decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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