- Lottery.com (LTRY, Financial) plans to acquire Concerts.com and TicketStub.com for $10 million.
- The acquisition will be funded through cash, secured debt, and equity up to $3.00 per share.
- This strategic move is set to expand Lottery.com's presence in the live entertainment sector.
Lottery.com (NASDAQ: LTRY) has announced a strategic expansion into the live entertainment sector with a $10 million acquisition of Concerts.com and TicketStub.com. This move aims to solidify Lottery.com's presence in the entertainment industry by establishing a third pillar alongside its existing platforms, Sports.com and Lottery.com.
The acquisition involves a combination of cash, secured debt, and equity issued at up to $3.00 per share. This pricing structure indicates a significant level of confidence from the sellers regarding the value of Lottery.com’s platform. By acquiring a 51% stake in DotCom Ventures Inc., Lottery.com will enhance its digital asset portfolio with these operational platforms, which offer verified ticket inventory for sports, concerts, comedy, esports, and festivals with transparent pricing.
Both Concerts.com and TicketStub.com are expected to integrate with Sports.com's existing streaming infrastructure, enhancing synergy across platforms and providing a unified ecosystem for content, commerce, and live experiences. Patrick Ogle, CEO of DotCom Ventures Inc., will join Lottery.com as part of this venture, bringing extensive expertise in media and entertainment.
This Letter of Intent marks an important step towards diversifying Lottery.com's service offerings, although it’s important to note that the final terms of the acquisition have yet to be finalized. The company will face challenges in executing this strategy in a competitive ticketing market dominated by established players. However, with a clear strategic vision, Lottery.com is poised to create a robust platform capable of delivering significant value in the long run.
