In an ambitious stride toward reshaping the digital sports landscape, Lottery.com has disclosed the recent acquisition of SportLocker. While the financial specifics of the agreement remain undisclosed, the rebranding process is set to commence with immediate effect.
Bearing ties to the expanding Saudi sports program, SportLocker has formerly outlined intentions for purchasing clubs, securing sponsorships, and establishing media partnerships targeted at the football scene in the UK and the Major Soccer League (MSL) in the US.
At the helm of the new venture, Austin-based Lottery.com declared its stock-based acquisition of S&MI, the parent entity of SportLocker, in a significant announcement. This development follows closely on the heels of recent declarations, which consist of the issuance of 20 million shares amounting to a substantial $100 million and an “extensive expansion” in their fundraising efforts, which witnessed investor commitments swell from $1 million to $5 million.
The inception of Sports.com is anticipated to shake up the current format of sports engagement with initial deployment in the US, Europe, and concerted exertions in the Middle East. The platform’s blueprint centers around streaming sports live, supplying an abundance of content ranging from sports news to documentaries and films. Interestingly, despite Lottery.com’s traditional association with gambling, the revamped Sports.com platform does not include any form of sports betting in its proposition.
One of the pivotal strategies behind Lottery.com’s initiative revolves around leveraging long-established collaborations with Mobile Network Operators (MNOs). These partnerships aim to yield localized branded sports content services, enhancing the MNOs’ value by addressing the increasing demand for sports video content from expansive audiences in various markets directly on mobile devices.
With uncompromising determination, Sports.com is eyeing global expansion. The platform’s appetite is set for covering “high-energy” sports such as soccer, various forms of motor racing, football, baseball, basketball, MMA, boxing, cricket, golf, field and ice hockey, and tennis at grassroots levels. Also on the horizon is a complementary program expressly devoted to women’s sports, expected to showcase pioneering fan engagement techniques, sponsorship procurement, and novel revenue channels for clubs and teams.
“We are creating a dynamic ecosystem where fans cannot only consume sports but also connect and create in ways never before offered to the global mass of sports enthusiasts,” says Matthew McGahan, chairman, and CEO of Lottery.com.
In the pipeline for 2024, Lottery.com has its eyes set on enhancing Sports.com with additional features and investing in avant-garde technologies. The objective is to ensconce sports fans within content that is most meaningful to them, through the establishment of communities and sports-focused social interactions with top sports figures.
Following its establishment in primary markets, Sports.com is charting its course to Africa, India, South America, Asia, and Australia. Envisioned is the delivery of global sports content alongside regional sports content, inclusive of comprehensive pre and post-match statistics, news, highlight packages, covering an array of sports and the Paris 2024 Olympic Games.
Majed Al Sorour, president of Sports.com and Saudi Golf, comments on the venture: “I am thrilled to lead Sports.com into a new era where passion for sport converges with technology to create unparalleled experiences for global fans.”
Despite some financial challenges, Lottery.com has successfully reduced its net loss in Q3 by more than 43.0% year-over-year. This is a positive signal amidst a revenue decline and recent compliance issues, including a “material weakness” over accounting non-compliance and a class action lawsuit in 2022. However, Lottery.com has managed to regain compliance with Nasdaq Stock Market rules, confirming that it meets the minimum bid price requirements. These developments point to a promising trajectory as Sports.com prepares to reimagine how fans connect with athletics across the globe.
