The definitive agreement will see the special purpose acquisitions company (SPAC) Trident acquire Lottery.com, which will result in the combined company becoming publicly listed on the Nasdaq exchange.
The acquisition will mean the combined group will have an estimated post-business combination enterprise value of $526m, with more than $45m in cash to fund growth.
Shareholders of the online platform, which allows players to buy tickets for officially sanctioned lottery games such as Powerball and Mega Millions, will roll 100% of their equity into the combined company.
The net proceeds from the combination will help support Lottery.com’s working capital and global growth plans and will be listed on Nasdaq under the new ticket symbol ‘LTRY’.
The two companies signed a binding letter of intent for Trident to acquire Lottery.com in November, which currently operates in 11 states across the US and also entered the Turkish market last month.
Lottery.com co-founder Tony DiMatteo said: “We believe this transaction will further enhance our ability to grow into new markets as consumers are now, more than ever, engaging with digital and online platforms. The team at Trident shares our vision of growing into a global marketplace for legally available lottery games, and other games of chance, to consumers across the world and we firmly believe this partnership will accelerate our growth.”
Tident CEO Vadim Komissarov added: “With a track record of substantial growth and user base expansion in a relatively short period of time, we are confident that Lottery.com has the ability to cement its place as a leading online platform to both play the lottery and to introduce additional wagering and games of chance worldwide.”