Nasdaq:LTRY

Lottery.com Announces Strong First Quarter Results

Published

3 years ago

May 16, 2022

GlobeNewswire

First quarter 2022 revenue of $21.2 million, up $15.7 million from the prior-year period

First quarter 2022 gross profit of $18.0 million, up $15.5 million from the prior-year period

First quarter 2022 net loss of $15.8 million, Adjusted EBITDA of $7.7 million¹

AUSTIN, Texas, May 16, 2022 (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, reported financial results for the first quarter ended March 31, 2022.

Tony DiMatteo, Lottery.com Co-Founder and CEO, commented, “I’m pleased with our first quarter results and the team’s continued focus on our core business and generating strong Adjusted EBITDA. Once again, LotteryLink has demonstrated its ability to contribute to our top and bottom line growth and expand our user base with limited advertising spend. In our B2C business, our focus on market testing and securing permission to advertise on large digital media platforms has solidified our foundation to launch accretive user acquisition campaigns over the balance of the year.”

European Gaming Congress 2024 (Warsaw, Poland)

Mr. DiMatteo continued, “So far in the second quarter, our B2C campaigns have been positive with solid increases in app downloads versus the prior year period while achieving relatively low customer acquisition costs. LotteryLink’s promotional programs have generated new users and created interest from additional national consumer brands looking to utilize LotteryLink for their marketing campaigns. Additionally, we have launched Phase 1 of Project Nexus. We believe that these positive developments, combined with our strong balance sheet, position us well for future growth.”

First Quarter 2022 Financial Highlights

Q1 2022 Financial Highlights	Three Months Ended
Q1 2022 Financial Highlights	March 31,
	2022			2021				Change
(in millions)
Revenues	$	21.2		$	5.5		$	15.7
Gross profit	$	18.0		$	2.5		$	15.5
Net Loss	$	(15.8	)	$	(5.5	)	$	(10.3	)
Adjusted EBITDA	$	7.7		$	(2.6	)	$	10.3
Cash	$	50.8		$	18.3		$	32.5
Debt	$	3.5		$	41.5		$	(38.0	)

1 – Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of Adjusted EBITDA and “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of this measure to net loss.

First quarter 2022 revenue was $21.2 million, an increase of $15.7 million, or 287%, from the first quarter of 2021. The growth was primarily driven by the sale of LotteryLink credits to a LotteryLink affiliate, primarily to acquire pre-paid promotional rewards that may be issued by such affiliate to consumers for their purchase of lottery games and services from Lottery.com upon activation of an account.

First quarter 2022 gross profit was $18.0 million, an increase of $15.5 million from the first quarter of 2021. The increase was primarily driven by the sale of LotteryLink credits to the above referenced LotteryLink affiliate. As a result of the delayed launch of such affiliate’s promotional program, most of the pre-paid promotional rewards expired without being issued to consumers. As a result, the Company did not incur costs associated with redemption of most of such LotteryLink credits.

First quarter 2022 net loss was $15.8 million compared to a net loss of $5.5 million in the first quarter of 2021. The increase was primarily driven by the incurrence of $22.2 million of non-cash stock compensation expense and other increased personnel costs, which were offset by the strong gross profit described above.

First quarter 2022 Adjusted EBITDA was $7.7 million, an increase of $10.3 million from the first quarter of 2021. The increase was driven by the strong gross profit described above, partially offset by increased public company expenses and higher expenses associated with the execution of growth initiatives.

Cash as of March 31, 2022, was $50.8 million, an increase of $32.5 million from March 31, 2021, driven primarily by proceeds from the business combination with Trident Acquisition Corp. in October 2021, and strong operating results, partially offset by an increase in working capital.

Debt as of March 31, 2022, was $3.5 million, a decrease of $38.0 million from March 31, 2021, driven primarily by the conversion of the Company’s convertible debt into equity, in conjunction with the business combination.

Update on Key Initiatives

B2C User Growth
- Expanded B2C marketing campaigns have launched in Q2 2022 and resulted in solid increases in app downloads versus the prior year period
- Achieved customer acquisition costs in-line with expectations to date in Q2 2022
LotteryLink and B2B
- Added new LotteryLink affiliates since the beginning of the year, including the conversion of data service customers
- Continued to develop pipeline of new LotteryLink master affiliates and their sub-affiliates, including national consumer brands
Project Nexus
- Launched Phase 1 in Q2 2022, which is expected to improve scalability, security and ability to implement product improvements
New Markets
- Remain on track for approval to enter into five new domestic jurisdictions by the end of 2022

Upcoming Conference Participation

Representatives from the Company plan to attend the following upcoming investor conferences:

B Riley FBR 22nd Annual Institutional Investor Conference on May 26, 2022, in Beverly Hills, CA
Cowen’s 50th Annual Technology, Media & Telecom Conference on June 1, 2022, in New York City

Conference Call

This morning at 8:30 AM ET, the Company will host a conference call to discuss its first quarter 2022 results. A live webcast of the conference call will be available on the Investor Relations section of the Lottery.com website at https://ir.lottery.com. For those who cannot listen to the live webcast, a replay of the conference call will be available on the Lottery.com Investor Relations website.

To join by telephone, please dial 877-313-2495 or 929-517-0906 if calling from outside the U.S. The conference code is 9189693. Please dial in a minimum of 15 minutes prior to the start time to ensure a timely connection to the call. An operator will register your name and organization.

About Lottery.com

Lottery.com is a leading technology company that is transforming how, where and when lottery is played. Its engaging mobile and online platforms enable players located in the United States and internationally to remotely purchase legally sanctioned lottery games. Fans and subscribers look to Lottery.com for compelling, real-time results on more than 800 lottery games from more than 40 countries. Additionally, commercial partners and affiliates can utilize LotteryLink to provide Lottery.com products to their customers. Through WinTogether.org, Lottery.com is fundamentally changing how non-profit donors are incentivized to action by gamifying charitable giving. In all that it does, Lottery.com’s mission remains the same: an uncompromising passion to innovate, grow a new demographic of enthusiasts, deliver responsible and trusted solutions, and promote community and philanthropic initiatives. For more information, visit http://www.lottery.com.

Non-GAAP Financial Measures

This press release includes EBITDA and Adjusted EBITDA, which are non-GAAP performance measures that we use to supplement our results presented in accordance with U.S. GAAP. We believe EBITDA and Adjusted EBITDA are useful in evaluating our operating performance, similar to measures reported by our peers, and regularly used by analysts, investors and other interested parties in analyzing operating performance and prospects. EBITDA and Adjusted EBITDA are not intended to be substitutes for any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

We define and calculate EBITDA as net income or loss before the impact of interest income or expense, income tax expense or benefit, depreciation and amortization, and Adjusted EBITDA as EBITDA, as further adjusted for stock-based compensation and certain other non-recurring, non-cash or non-core items.

We include these non-GAAP financial measures because they are used by management to evaluate our core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. The financial statement tables that accompany this press release include a reconciliation of EBITDA and Adjusted EBITDA to their most comparable U.S. GAAP financial measures.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding Lottery.com’s strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. Except as otherwise required by applicable law, Lottery.com disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Lottery.com cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lottery.com. In addition, Lottery.com cautions you that the forward-looking statements contained in this press release are subject to the following risks and uncertainties: our inability to compete with other forms of entertainment for consumers’ discretionary time and income; economic downturns, inflation, geopolitical and political and market conditions beyond our control; negative events or media coverage relating to the lottery, lottery games or online gaming or betting; our inability to attract and retain users, including as a result of failing to appear in Internet search engine results; our continued ability to use domain names to promote and increase the value of our brand; adverse impacts relating to the spread of, and governmental responses taken with respect to, health epidemics such as the COVID-19; scrutiny by stakeholders with respect to responsible gaming and ethical conduct; our ability to achieve profitability and growth in the newly-developed market for online lottery games; our inability to profitably expand into new markets or capitalize on new gaming and lottery industry trends and changes, such as by developing successful new product offerings; the effectiveness of our marketing efforts in developing and maintaining our brand and reputation; failure to offer high-quality user support; adverse impacts to user relationships resulting from disruptions to our information technology; the vulnerability of our information systems to cyberattacks and disruptions caused with respect thereto, including an inability to securely maintain personal and other proprietary user information; our inability to adapt to changes or updates in the Internet, mobile or personal devices, or new technology platforms or network infrastructures; the exposure of our online infrastructure to risks relating to new and untested distributed ledger technology; our inability to comply with complex, ever-changing and multi-jurisdictional regulatory regimes and other legal requirements applicable to the gaming and lottery industries; geopolitical shifts and changes in applicable laws or regulations or the manner in which they are interpreted; our inability to successfully expand geographically and acquire and integrate new operations; our dependence on third-party service providers to timely perform services or software component products for our gaming platforms, product offerings and the processing of user payments and withdrawals; our inability to maintain successful relationships and/or agreements with lottery organizations and other third-party marketing or service provider affiliates; failure of third-party service providers to protect, enforce, or defend intellectual property rights required to fulfill contractual obligations required for the operation of our business; the effectiveness of our transition and compliance with the regulatory and other requirements of being a public company; operational risks including those arising from factors impacting the international supply chain; limited liquidity and trading of our securities; and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form 10-K filed by Lottery.com with the SEC on April 1, 2022, and the other documents filed, or to be filed, by Lottery.com with the SEC. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Lottery.com has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov.

Lottery.com Inc.
Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2022 and 2021

	Three Months Ended March 31,
	2022			2021

Revenue	$	21,150,892		$	5,461,539
Cost of revenue		3,165,469			2,946,981
Gross profit		17,985,423			2,514,558

Operating expenses:
Personnel costs		25,975,863			1,095,793
Professional fees		3,055,039			2,415,198
General and administrative		3,399,896			1,388,574
Depreciation and amortization		1,373,925			367,259
Total operating expenses		33,804,723			5,266,824
Loss from operations		(15,819,300	)	$	(2,752,266	)

Other expenses
Interest (income) expense		(953	)		2,472,048
Other (income) expense		(2,436	)		231,720
Total other expenses, net		(3,389	)		2,703,768

Net loss before income tax	$	(15,815,911	)	$	(5,456,034	)
Income tax expense (benefit)		–
Net loss		(15,815,911	)		(5,456,034	)

Other comprehensive loss
Foreign currency translation adjustment, net		(1,064	)		–
Comprehensive loss		(15,816,975	)		(5,456,034	)

Net income attributable to noncontrolling interest		129,222			–
Net loss attributable to Lottery.com Inc.		(15,687,753	)		(5,456,034	)


Net loss per common share
Basic and diluted	$	(0.33	)	$	(0.24	)

Weighted average common shares outstanding
Basic and diluted		46,832,919			22,888,700

Lottery.com Inc
Condensed Consolidated Balance Sheet
Unaudited
	March 31,			December 31,
ASSETS		2022			2021
	(Unaudited)
Current assets:
Cash	$	50,795,889		$	62,638,970
Accounts receivable		35,796,548			21,696,653
Prepaid expenses		12,843,029			13,896,638
Other current assets		246,599			226,200
Total current assets		99,682,065			98,458,461

Notes receivable		6,500,000			–
Investments		250,000			250,000
Goodwill		19,590,758			19,590,758
Intangible assets, net		28,500,219			28,710,980
Property and equipment, net		121,293			141,279
Total assets	$	154,644,335		$	147,151,478

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Trade payables	$	2,559,846		$	1,006,535
Deferred revenue		544,643			662,335
Notes payable – current		3,477,339			3,771,340
Accrued interest		180,281			176,260
Accrued and other expenses		4,081,672			4,528,815
Total current liabilities		10,843,781			10,145,285

Long-term liabilities:
Other long term liabilities		1,522			1,169
Total long-term liabilities		1,522			1,169

Total liabilities		10,845,303			10,146,454

Commitments and contingencies

Equity
Controlling Interest
Preferred Stock, par value $0.001, 1,000,000 shares authorized, none issued and outstanding		–			–
Common stock, par value $0.001, 500,000,000 shares authorized, 46,928,367 and 46,808,251 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		46,928			46,808
Additional paid-in capital		263,022,161			240,411,298
Accumulated other comprehensive loss		(1,719	)		(655	)
Accumulated deficit		(121,919,207	)		(106,232,518	)
Total Lottery.com Inc. stockholders’ equity		141,148,163			134,224,933
Noncontrolling interest		2,650,869			2,780,091
Total Equity		143,799,032			137,005,024

Total liabilities and stockholders’ equity	$	154,644,335		$	147,151,478

Lottery.com Inc.
Consolidated Statements of Cash Flows
Three Months Ended March 31, 2022 and 2021


	For the three months ended
	March 31,
		2022			2021

Cash flow from operating activities
Net loss attributable to Lottery.com Inc.	$	(15,686,689	)	$	(5,456,034	)
Adjustments to reconcile net loss to net cash used in operating activities:
Net income attributable to noncontrolling interest		(129,222	)		–
Depreciation and amortization		1,373,925			367,259
Non-cash interest expense		–			1,841,807
Stock-based compensation expense		22,174,488			2,160

Changes in assets & liabilities:
Accounts receivable		(14,099,895	)		–
Prepaid expenses		1,053,609			894,872
Other current assets		(20,399	)		(54,853	)
Trade payables		1,553,311			(354,736	)
Deferred revenue		(117,692	)		(2,039,113	)
Accrued interest		4,021			(605,961	)
Accrued and other expenses		(10,648	)		1,512,125
Other long term liabilities		353			–
Net cash provided by operating activities		(3,904,838	)		(3,892,474	)

Cash flow from investing activities
Purchases of property and equipment		(18,305	)		(57,452	)
Purchases of intangible assets		(1,124,873	)		(3,050,000	)
Net cash used in investing activities		(1,143,178	)		(3,107,452	)

Cash flow from financing activities
Issuance of digital securities		–			108,332
Proceeds from exercise of options and warrants		–			895
Proceeds from issuance of convertible debt		–			19,282,619
Issuance of notes receivable		(6,500,000	)		–
Principal payments on debt		(294,001	)		(4,856,250	)
Net cash provided by financing activities		(6,794,001	)		14,535,596
Effect of exchange rate changes on cash		(1,064	)		–
Net change in net cash and restricted cash		(11,843,081	)		7,535,670
Cash and restricted cash at beginning of period		62,638,970			10,775,511
Cash and restricted cash at end of period		50,795,889			18,311,181

SUPPLEMENTAL DISCLOSURES:
Interest paid in cash	$	–		$	24,280
Taxes paid in cash	$	–		$	–
Non cash investing and financing activities
Stock-based compensation expense	$	194,695		$	–
Issuance of warrants	$	241,800		$	–
Conversion of convertible debt into common stock	$	–		$	935,000
Purchase of intangible assets through the issuance of convertible debt	$	–		$	15,450,000


Lottery.com Inc.
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

	Three Months Ended
	March 31,
	2022			2021				Change
(in millions)
Net income (loss)	$	(15.8	)	$	(5.5	)	$	(10.4	)
Interest (income) expense		(0.0	)		2.5			(2.5	)
Income tax expense (benefit)		–			–			–
Depreciation and amortization expenses		1.4			0.4			1.0
EBITDA (non-GAAP)		(14.5	)		(2.6	)		(11.8	)

Non-cash stock compensation expense		22.2			0.0			22.2
Adjusted EBITDA (non-GAAP)	$	7.7		$	(2.6	)	$	10.3

Lottery.com Contact:

Matthew Schlarb

VP, Investor Relations

(512) 585-7789

[email protected]

Jody Burfening/Harriet Fried

LHA Investor Relations

(212) 838-3777

[email protected]

Nasdaq:LTRY

Grit, Gains, and Setbacks for Lottery.com and Sports.com Drivers in Fourth of July Weekend Battle at Mid-Ohio

Published

3 weeks ago

July 7, 2025

GlobeNewswire

grit,-gains,-and-setbacks-for-lotterycom-and-sports.com-drivers-in-fourth-of-july-weekend-battle-at-mid-ohio

A Media Snippet accompanying this announcement is available by clicking on this link.

LEXINGTON, Ohio, July 07, 2025 (GLOBE NEWSWIRE) — Lottery.com Inc. (Nasdaq: LTRY, LTRYW) (“Lottery.com” or “the Company”), a leading technology company transforming the intersection of gaming, sports and entertainment, today announced their drivers’ results from the Mid-Ohio Sports Car Course. In sweltering summer conditions, the trio of Lottery.com and Sports.com-sponsored drivers took on one of the most technical and physically demanding road courses on the NTT INDYCAR SERIES and INDY NXT by Firestone calendars. With 90 laps of elevation, strategy, and heat, the Fourth of July holiday weekend brought both breakthroughs and heartbreaks to the paddock.

Callum Ilott
Car No. 90 – PREMA Racing (INDYCAR SERIES)
Finished: P13 | Best Result of the Season | Sponsored by: Lottery.com

Callum Ilott delivered a superb recovery drive from P24 on the grid to P13, notching his best result of the 2025 season in a race that tested both patience and performance. After being forced off-track to avoid an incident at the start, the PREMA Racing driver went off-strategy, switching early to alternate red-sidewall tires under the first caution.

Ilott executed a well-managed three-stop strategy, making his final pit stop on lap 82 and pushing hard in the closing stages to gain multiple positions.

“A really strong race. We had a bit of contact at the beginning and I was just put in a bad position on the outside,” said Ilott. “We gambled and did an early stop onto the Reds. The first stint wasn’t anything special, but once we came in and got going again on the next set of Reds, it was super fast. The car was really strong. We maximised everything from P24 — great pit stops and solid strategy.”

Louis Foster
Car No. 45 – Rahal Letterman Lanigan Racing (INDYCAR SERIES)
Finished: P14 | Rookie of the Year Leader | Sponsored by: Sports.com

Louis Foster continued his impressive rookie season by qualifying in P6—his third Fast Six shootout appearance this year—and finishing 14th in a challenging fuel-saving race. Despite not having a fresh set of tires for his final qualifying run, Foster again proved his one-lap speed and now holds an average starting position of 12.2 across a 27-car field.

In the race, Foster was initially in contention for a top-10 before a pit stop stall cost valuable time. Nonetheless, his strong performance earned him top rookie honours on the day and moved him into the lead of the Rookie of the Year standings.

“I think I did a good job saving fuel,” Foster said after the race. “That was the first time I did a proper fuel save race so that was good experience for me. Top rookie in the race by some margin. There are worse days for sure, but it’s disappointing.”

Sebastian Murray
Car No. 2 – Andretti Global (Indy NXT)
Started: P18 | DNF (Lap 4) | Championship Standing: P10 (140 points)
Sponsored by: Sports.com

Rookie Seb Murray’s weekend ended early after making contact on Lap 4 with teammate Ricardo Escotto, causing race-ending damage. After a strong opening phase where Murray climbed from P18 to P12, the collision brought a premature end to what had been a positive start.

“A super unfortunate end to today. I’m not really sure what happened — we’ll have to watch the replays and look at the data — but I’m just glad everyone’s okay,” said Murray. “A massive thank you to the AMR Safety team. They were on the scene incredibly quickly. Obviously, apologies to the team. It was a good weekend until the incident, and we were hoping to work our way forward.”

Matthew McGahan, Chairman & CEO of Lottery.com and Sports.com, commented:

“We’re incredibly proud of how our drivers have performed this season so far. From pole positions to breakthrough race results, Louis, Callum, and Seb have truly delivered. This Fourth of July weekend, the Lottery.com and Sports.com brands were flying the flag — with strong visibility on the cars and in the paddock throughout a high-profile holiday event.

“It was also exciting to see Callum and Louis racing wheel-to-wheel for P13 and P14 — both fighting hard but keeping it clean, which speaks volumes about their professionalism and respect. Keep it shiny side up, race smart, and above all, stay safe. We’re behind you every step of the way.”

Marc Bircham, Main Board Director of Lottery.com and Sports.com, added:

“The performances so far this season have been nothing short of staggering. The entire Lottery.com and Sports.com family wishes Louis, Callum, and Seb the very best as the season heats up. Mid-Ohio was a test, and now we look forward to Iowa and beyond with pride and confidence.”

About Lottery.com

The Lottery.com Inc. (Nasdaq: LTRY, LTRYW) family of brands — including Sports.com, Tinbu and WinTogether, comprise a unified ecosystem that integrates gaming, entertainment and sports. Follow the Company on X, Instagram and Facebook.

This press release was published by a CLEAR® Verified individual.

CONTACT: For more information, please visit www.lottery.com or contact our media relations team at [email protected]

Nasdaq:LTRY

Fourth of July Weekend: Lottery.com and Sports.com Drivers Revved Up for Mid-Ohio Challenge

Published

3 weeks ago

July 4, 2025

GlobeNewswire

fourth-of-july-weekend:-lotterycom-and-sports.com-drivers-revved-up-for-mid-ohio-challenge

A Media Snippet accompanying this announcement is available by clicking on this link.

LEXINGTON, Ohio, July 04, 2025 (GLOBE NEWSWIRE) — Lottery.com Inc. (Nasdaq: LTRY, LTRYW) (“Lottery.com” or “the Company”), a leading technology company transforming the intersection of gaming, sports and entertainment, today announced that the Lottery.com and Sports.com-sponsored driver trio returns to action this weekend for Round Nine of the 2025 NTT INDYCAR SERIES and INDY NXT by Firestone Championships at one of the sport’s most historic and technical venues: the Mid-Ohio Sports Car Course.

Set in the rolling hills of Ohio, the 13-turn, 2.258-mile permanent road course is known for its flowing layout, blind corners, and punishing precision. Mid-Ohio has long been a proving ground for future champions, and with five races in July, this event marks the beginning of a pivotal stretch for both title contenders and rookies alike.

Louis Foster
Car No. 45 – Rahal Letterman Lanigan Racing (INDYCAR)
Sponsored by: Sports.com

After claiming his first career pole position at Road America, Louis Foster heads into RLL’s home race at Mid-Ohio with renewed confidence and focus. The British rookie has impressed with his speed throughout the season, boasting an average starting position of 12.89 across nine races.

“I’m really proud to represent RLL at such an important race for the team,” said Foster. “I won here in Indy NXT in 2023, so it’s a track with good memories for me. There’s nowhere to hide at Mid-Ohio, especially in this level of competition. But if we keep qualifying like we have, and execute races cleanly, there’s no reason we can’t come away with a big result.”

Currently just two points off the lead in the Rookie of the Year standings, Foster sees the intense July schedule as a chance to build momentum and consistency.

Foster added, “Of course, while the qualifying results have been good, the races have been a challenge. There’s so much to get right in INDYCAR. But we’ve been working hard with the team and engineers, and now we’re into a rapid-fire run of races. It’s time to build something.”

Callum Ilott
Car No. XX – PREMA Racing (INDYCAR)
Sponsored by: Lottery.com

Callum Ilott returns to Mid-Ohio looking to carry forward the gains made at Road America, where he secured his best result of the season with P15. The track is a known battleground, famous for its technical challenge, and will feature 90 laps this year—10 more than in 2024.

This marks PREMA Racing’s first visit to Mid-Ohio with the new INDYCAR hybrid power unit, placing extra emphasis on the weekend’s two practice sessions to gather crucial data.

“Mid-Ohio is a real driver’s track—lots of flow, elevation, and little room for error. The team’s still building experience with the hybrid package, so Friday and Saturday are key to getting up to speed,” said Ilott. “Last year the race could be won from anywhere, so it’s about keeping options open and nailing the strategy.”

PREMA made adjustments to its approach following winter changes to Turn Four and the Esses section, and Ilott aims to improve on his personal best result at this circuit.

“Road America showed we’re moving in the right direction. I’m excited to see what we can unlock here with the right setup and clean stints.”

Sebastian Murray
Car No. 2 – Andretti Global (INDY NXT)
Sponsored by: Sports.com

Seb Murray will make his Mid-Ohio debut this weekend with Andretti Cape, coming off the back of a strong Road America performance where he surged from P14 to P11 and was named Jostens’ Biggest Mover. That race marked his best road course finish in Indy NXT so far.

The 2.258-mile circuit will provide another test for the Scottish rookie, with high-speed sections, elevation changes, tight technical corners and a narrow racing ribbon demanding full focus.

As the Indy NXT field tightens heading into a busy July calendar, Murray’s recent form positions him as one to watch in this next phase of the championship.

Broadcast Schedule – Mid-Ohio Sports Car Course
Watch Live in the USA and UK

Friday, July 4
– Practice 1: 4:30 PM ET / 9:30 PM UK (FS2 / Sky Sports F1)

Saturday, July 5
– Practice 2: 10:30 AM ET / 3:30 PM UK (FS1 / Sky Sports Mix)
– Qualifying: 2:30 PM ET / 7:30 PM UK (FS1 / Sky Sports F1)

Sunday, July 6
– Race Start: 1:22 PM ET / 6:22 PM UK (FOX / Sky Sports Mix)

Lottery.com and Sports.com continue to accelerate global brand momentum by backing the next generation of elite racing talent. With consistent performances and growing exposure across the U.S. and Europe, the Mid-Ohio weekend is another vital step in an ambitious season-long campaign.

Matthew McGahan, Chairman & CEO of Lottery.com and Sports.com, commented:

“We’re incredibly proud of how our drivers have performed this season so far. From pole positions to breakthrough race results, Louis, Callum, and Seb have truly delivered. As we head into this special Fourth of July weekend, we’re cheering them on to keep the momentum going. Keep it shiny side up, race smart, and above all, stay safe. We’re behind you every step of the way.”

Marc Bircham, Lottery.com Director and Sports.com Director of Acquisitions, added:

“The performances so far this season have been nothing short of staggering. The entire Lottery.com and Sports.com family wishes Louis, Callum, and Seb the very best this weekend. Mid-Ohio is a driver’s track, and we know these three are ready to deliver. Let’s go get it—safe, fast, and focused.”

About Lottery.com

This press release was published by a CLEAR® Verified individual.

CONTACT: For more information, please visit www.lottery.com or contact our media relations team at [email protected].

Nasdaq:LTRY

Lottery.com Closes in on Legal Action Against Coordinated ‘Short and Distort’ Campaign

Published

4 weeks ago

June 27, 2025

GlobeNewswire

lottery.com-closes-in-on-legal-action-against-coordinated-‘short-and-distort’-campaign

FORT WORTH, Texas, June 27, 2025 (GLOBE NEWSWIRE) — Lottery.com Inc. (NASDAQ: LTRY, LTRYW) (“Lottery.com” or “the Company”), a leading technology company transforming the intersection of gaming, sports and entertainment, today confirmed that it is nearing legal proof of a coordinated and unlawful ‘short and distort’ campaign targeting the Company. In collaboration with its legal counsel, Paul Hastings LLP, the Company is actively pursuing all individuals and entities engaged in market manipulation intended to damage the Company’s share price and reputation.

Christopher Gooding, Independent Director of Lottery.com and a member of the Audit Committee with responsibility for legal affairs, issued the following statement:

“There is no doubt that there is an orchestrated campaign against Lottery. The trading metrics and forensic data we have access to clearly indicate both classic ‘short and distort’ tactics, and more seriously, a significant volume of naked short selling — illegal trades not backed by actual share ownership.

“These actors fall into three categories:

“Aggressive and embittered insiders, who appear to be leveraging confidential or insider information from their historical relationships with Lottery.com for self-serving purposes. I outlined elements of these insiders to the judge in a Delaware action earlier this year;
“Professional short-sellers, aided and abetted by complicit brokers — some of whom are actively engineering mechanisms to facilitate, or are willfully ignoring, illegal naked short activity; and
“Opportunistic traders, influenced by blogs, shorting platforms, and “pay-to-publish” media articles that amplify false and defamatory narratives. These clearly represent the ‘distort’ component of the campaign. Numerous cease-and-desist letters have already been issued.
“Our message to these parties is unequivocal: We know who you are. We are rapidly securing irrefutable legal evidence of your involvement — including the brokers operating both in the U.S. and offshore in jurisdictions such as the Caribbean. We will pursue damages vigorously and refer the evidence to the appropriate regulatory authorities.
“Your days are numbered. We will shut you down, and the financial penalties imposed will far exceed the unlawful profits you have sought to extract from our shareholders.”

Lottery.com reiterates its commitment to protecting shareholder value, market integrity, and the long-term growth of its global operations.

About Lottery.com

The Lottery.com Inc. (NASDAQ: LTRY, LTRYW) family of brands — including Sports.com, Tinbu and WinTogether, comprise a unified ecosystem that integrates gaming, entertainment, and sports. Follow the Company on X, Instagram and Facebook.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company’s strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to, expectations related to the investigation of short selling or potential naked short selling, including the Company’s analysis, its ability to take appropriate corrective action, or any potential investigations by regulators; any future findings from ongoing review of the Company’s internal accounting controls; additional examination of the preliminary conclusions of such review; the Company’s ability to secure additional capital resources; the Company’s ability to continue as a going concern; the Company’s ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq; the Company’s ability to regain compliance with the Bid Price Requirement; the Company’s ability to regain compliance with Nasdaq Listing Rules; the Company’s ability to become current with its SEC reports; and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form 10-K/A filed by the Company with the SEC on April 22, 2025, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

This press release was published by a CLEAR® Verified individual.

CONTACT: For more information, please visit www.lottery.com or contact our media relations team at [email protected]

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