AutoLotto, Inc (Lottery.com) is set to go public via special purpose acquisition company (SPAC) with Trident Acquisitions Corp TDAC 9.2%. The two companies entered into a definitive agreement for a merger on Feb. 22.
The SPAC route was the best way to list publicly because of the short time horizon, CEO of Lottery.com Tony DiMatteo said Monday on Benzinga’s YouTube show “SPACs Attack.”
The company has the best name and brand in the world, the CEO told Benzinga.
The industry was destined to move online, DiMatteo said, adding that the company was founded to take advantage of the obvious opportunity that existed by transitioning the lottery from paper money and tickets to an online experience.
The company has secure facilities in the 12 states it currently operates in and plans to add at least six more in 2021, the CEO said.
Lottery.com added Draftkings Inc DKNG 1.91% CEO Jason Robins to its advisory board. There are no conflicts between DraftKings and Lottery.com, DiMatteo told Benzinga.
Crypto: Lottery.com and Voyager Digital Ltd VYGVF 9.21% announced a memorandum of understanding on April 20 establishing an agreement that will enable Lottery.com users to make payments through the Voyager platform.
The agreement will create a wide range of opportunities for Lottery.com to grow moving forward, DiMatteo said.
The company expects to release new revenue guidance fairly soon, the CEO said, noting that the company is doing very well. “We beat our expectations” in the first quarter, he noted. “The sky is the limit — we are going to the moon.”
Upon completion of the transaction, the combined company will be trademarked Lottery.com and be listed on the Nasdaq under the ticker symbol “LTRY.”