Lottery.com Inc (LTRY)

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Lottery.com Announces Strong Preliminary Third Quarter 2021 Revenues Expected to Range Between $22 Million and $24 Million

10/21/21, 6:30 AM
Preliminary Revenue Figures Represent Quarterly Sequential Growth of Greater than 135%

AUSTIN, Texas and NEW YORK, Oct. 21, 2021 (GLOBE NEWSWIRE) -- AutoLotto, Inc., doing business as Lottery.com (“Lottery.com” or the “Company”), a leading technology company that is transforming how, where and when lottery is played, and Trident Acquisitions Corp. (Nasdaq: TDACU, TDAC, TDACW) (“Trident”) today provided preliminary revenue results for Lottery.com’s third quarter 2021, which are expected to be between $22.0 million and $24.0 million. This represents sequential revenue growth of greater than 135% compared to $9.3 million in the second quarter of 2021. The strong growth was driven by increased sales in the Company’s B2B segment.

On a preliminary basis, revenue through the first nine months of 2021 is expected to be between $36.8 million and $38.8 million on a reported basis and $38.7 million and $40.7 million on a pro forma basis giving effect to the acquisition of 80% interests in JuegaLotto and Aganar, two companies with legalized lottery operations within Mexico. Through the first nine months of 2021, pro forma revenue is expected to be more than 270% above the full twelve months of 2020, after giving effect to the acquisition of the interests in JuegaLotto and Aganar.

Tony DiMatteo, Chief Executive Officer of Lottery.com, stated, “I am proud of our strong third quarter preliminary results, which our team achieved while also focusing on completing our business combination. Lottery.com is a nimble organization with multiple avenues for growth and we have demonstrated our ability to generate very positive results with modest capital. With the completion of our business combination expected in the very near future, we anticipate using the proceeds from the business combination to accelerate growth by leveraging our favorable customer acquisition costs in continuing to expand our customer base.”

On Feb. 21, 2021, Lottery.com entered into a definitive agreement with Trident, a special purpose acquisition company, to become a publicly-traded company. The registration statement on Form S-4 (the “Registration Statement”) filed by Trident relating to this business combination with the Securities and Exchange Commission (“SEC”) was declared effective by the SEC on October 15, 2021, and is available publicly on the SEC’s website at www.sec.gov. Trident will hold a special meeting of its stockholders via a live webcast at https://www.cstproxy.com/tridentacquisitions/2021 on October 28, 2021 at 10:00 a.m., Eastern standard time (“Special Meeting”) for its stockholders of record as the close of business on October 13, 2021 to vote on the proposed business combination, as well as other proposals.