Nasdaq:LTRY
Lottery.com Enters Final Phase of Turnaround with $250M Growth Strategy, Strategic Acquisitions, and Shareholder Engagement
FORT WORTH, Texas, April 28, 2025 (GLOBE NEWSWIRE) — Lottery.com Inc. (Nasdaq: LTRY, LTRYW), a leading provider of digital lottery, sweepstakes, and sports entertainment technology, today announced that it is planning its first shareholder webinar in more than three years to be held in the coming weeks as part of its continued commitment to transparency, engagement and building trust. Chairman and CEO Matthew McGahan will also be issuing a formal communication to shareholders providing insight into the Company’s strategic progress and vision for growth.
These initiatives come as the Company nears the successful conclusion of a two-year corporate turnaround, which has positioned Lottery.com for long-term operational strength, strategic expansion, and shareholder value creation.
Matthew McGahan, Chairman and CEO of Lottery.com, commented:
“As we approach the final phase of this disciplined turnaround, now is the right time to directly engage with our shareholders, share our roadmap, and outline the exciting opportunities ahead. This journey has always been about rebuilding with integrity and ambition—and we’re ready to deliver.”
A Comprehensive Turnaround from the Top Down:
- Board and Governance: Complete overhaul of the Board of Directors, installing experienced leadership committed to transparency and growth. Additionally, the Company formed a strategic Advisory Board in February 2025, comprising industry leaders and experts guiding international expansion, responsible gaming, and technological innovation.
- C-Suite Rebuild: Restructuring of the executive team, with McGahan transitioning from Non-Executive Chairman to CEO and President of both Lottery.com and Sports.com. Additionally, the Company appointed Robert Stubblefield as its Chief Financial Officer and Gregory Potts as its Chief Operating Officer.
- Legal and Compliance Reset: Replacement of all prior legal counsel, with new representation including the recent engagement of recognized Crowell & Moring as the Company’s global counsel.
- Capital Markets and Strategic Funding: Appointment of Cohen & Company Capital Markets as investment banker, alongside securing $100 million from Generating Alpha Ltd. and $150 million from United Capital Investments London (UCIL). These facilities are being deployed strategically to drive shareholder value through cash-generative acquisitions; cutting-edge technology development and investment; resumption and expansion of gaming operations that drives revenues; and building balance sheet strength.
Strategic Use of Funding for Growth:
The Company emphasizes that capital secured through its funding facilities, including the recently filed S-1, will be strategically deployed to:
- Build or acquire state-of-the-art technology for Lottery.com and Sports.com, enabling immersive, live-streaming sports media and enhanced fan engagement.
- Close advanced stage, revenue generative acquisitions, designed to accelerate profits and deliver shareholder value.
- Strengthen the Company’s balance sheet and fund innovation across its digital lottery and sports entertainment platforms.
Legal Success and Stability:
Lottery.com has successfully defended more than a dozen legal cases, eliminating key litigation risks and solidifying the foundation for future growth.
Vision for 2025 and Beyond:
With the turnaround nearly complete, the Company is focused on increasing revenues through resuming gaming operations and monetizing Sports.com and completing certain acquisitions that will accelerate profitability and shareholder value.
Engaging with Shareholders:
As part of the Lottery.com’s continued commitment to transparency, shareholder engagement and building public trust, the Company plans the following:
- Webinar: The Company shall host a shareholder webinar in Q2.
- Shareholder Letter: A formal communication from Chairman and CEO Matthew McGahan to the Company’s shareholders will be issued in the coming weeks.
Important Notice Regarding 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, 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].
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]
Nasdaq:LTRY
Lottery.com Announces $10 Million Acquisition of GXR World Sports Assets to Power Global Launch of Sports.com Super App
FORT WORTH, Texas, June 26, 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 it is advancing its global expansion with the planned launch of the Sports.com Super App (the “Super App”)—a first-of-its-kind digital destination for sports fans worldwide. The Super App is designed to combine live streaming, social engagement, e-commerce and gamification into a single immersive ecosystem.
The Super App, which is scheduled to launch in select global markets in Q3 2025, will initially focus on soccer and motorsport—two verticals Sports.com has been aggressively expanding into through a series of high-profile sponsorships and strategic initiatives. The Super App will be built on an existing platform development by Galaxy Racer Holdings Limited (“GXR”), The GXR app has achieved more than one million monthly active subscribers organically, demonstrating significant early traction and category-defining potential.
“We’ve spent the past two years building Sports.com around key pillars like soccer and motorsport,” said Mark Bircham, Director of Sports.com. “This acquisition and the launch of the Sports.com Super App is the culmination of a precise strategy to consolidate fragmented sports experiences. Our partnerships with emerging motorsport stars like Callum Ilott, Louis Foster, and Sebastian Murray, along with this technology acquisition sets the stage for an aggressive media expansion that will redefine how fans watch, play and engage with their favorite leagues, teams, and players.”
The Super App will integrate six primary features into a single experience: live streaming, community chat hubs, stats-based social media, e-commerce, real-money and fantasy sports gaming, and sports news. The Super App aims to engage fans across the full lifecycle of the sports experience, tapping into the 4–5 hours of average fan interaction beyond match time each week.
Revenue streams will include premium streaming subscriptions, in-app advertising, merchandising and interactive gamified challenges. Plans are underway to extend into additional sports verticals and incorporate immersive streaming experiences later this year.
To accelerate the development timeline for the Super App, Lottery.com has signed a Letter of Intent (LOI) to acquire a 51% controlling interest in the sports and technology assets of GXR, valuing the transaction at $10 million pre-money. Subject to due diligence and final agreement, the deal allows Lottery.com to fund the $5.1 million initial investment via cash, stock, or a combination at a fixed $3.00 share price. A $15 million financing commitment has also been pledged by Lottery.com to fuel expansion of the Sports.com Super App.
All GXR unencumbered assets, including its tech stack and user base, will be transferred to a new entity (NewCo), of which Lottery.com will initially own 51%. The agreement includes a call option to acquire 100% ownership of NewCo by the end of 2027. Exclusivity has been secured through June 30, 2025, with an automatic 30-day extension, and closing is anticipated on or before August 1, 2025.
“This is a transformational moment for the worldwide sports media ecosystem,” said Paul Roy, Founder and CEO of GXR. “Together with Lottery.com and Sports.com, we are developing the world’s first true sports super app. As global licensing discussions advance, and integration with the Lottery.com family of brands begins, we see a future where fans control their entire live event experience—on the Super App, across all screens, in every corner of the globe.”
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].
Nasdaq:LTRY
Lottery.com Appoints Tim Scoffham as CEO to Lead Global Expansion of Sports.com Media and Lottery.com International
FORT WORTH, Texas, June 24, 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 the appointment of Tim Scoffham as Chief Executive Officer of Sports.com Media Group Limited (“Sports.com Media”) and Lottery.com International Limited (“Lottery.com International”), effective immediately. The appointment follows a successful consultancy period beginning in May 2024, during which Tim helped shape the Company’s global growth strategy across iGaming and digital sports media.
With more than 20 years of leadership in gaming, media, and entertainment, Tim is widely recognized as a veteran operator in media, sports entertainment and gaming sectors. His international experience and ability to execute high-growth, regulated strategies across emerging markets make him an ideal fit to lead these businesses into their next chapter.
Tim will oversee the strategic integration and international expansion of Sports.com Media, a premium digital sports content and engagement platform, and Lottery.com International, the Company’s iGaming and international lottery division focused on delivering secure, compliant, and entertaining lottery experiences across key global markets. His leadership will focus on aligning commercial, media, and technology platforms, bolstering regulatory partnerships, and unlocking scalable, revenue-generating opportunities in high-growth jurisdictions.
“Our Company is delighted with this appointment,” said Matthew McGahan, CEO and Chairman of Lottery.com. “Tim brings energy, credibility, and international expertise. His bold, entrepreneurial leadership style and deep experience in both gaming and media are precisely what we need at this inflection point. We are seeing strong forward momentum in the business and the markets, and Tim’s appointment gives us further confidence in our global roadmap. He is fully aligned with our vision to build Lottery.com and Sports.com into powerhouse global brands.”
Tim Scoffham added: “It’s an incredibly exciting time to join Lottery.com in a full-time leadership capacity at Sports.com Media and Lottery.com International, both of which represent unique global opportunities. The Sports.com and Lottery.com brands sit at the intersection of sports, gaming, and immersive content, and I believe we’re only scratching the surface of what they can become. With outstanding teams already in place and a unified international strategy underway, I’m looking forward to accelerating growth, strengthening partnership, and delivering long-term value to Lottery.com shareholders.”
About Sports.com Media
Sports.com Media Group Limited, a wholly-owned subsidiary of Lottery.com Inc., is a next-generation digital platform delivering premium sports content, immersive fan experiences, and real-time engagement to a global audience. Focused on innovation, original formats, and media-rights partnerships, Sports.com is shaping the future of sports storytelling and digital fan engagement.
About Lottery.com International
Lottery.com International Limited, a wholly-owned subsidiary of Lottery.com Inc., provides a secure and compliant iGaming and global lottery platform that enables users to participate in international lottery games through digital channels. The platform is focused on regulated market expansion, localized offerings, and sustainable, high-margin growth.
Under Tim Scoffham’s leadership, both businesses will continue the expansion of Sports.com and Lottery.com into globally recognized brands—driven by innovation, strategic execution, and an unwavering commitment to compliance and user experience.
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddd041d2-dfd1-40b2-ae96-d48dad3d080e
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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