Lottery.com Strikes Gold: Acquires Nook And Ushers In The Sports.com Era

Lottery.com Inc LTRY has agreed to acquire Nook Holdings Limited for an undisclosed sum.

Nook is known for its innovative approach to co-working in Dubai and has procured 200 licenses for individuals and companies in the sports sector seeking access to Dubai and the broader Middle Eastern market.

Nook has an exclusive partnership with the Dubai Multi-Commodities Centre Free Zone (DMCC). It offers various services, including business setup support, insurance, VAT registration, and networking opportunities for like-minded sports entrepreneurs.

As part of the acquisition, Nook will be rebranded as Sports.com, being developed as a dynamic sports entertainment platform to meet the evolving demands of sports enthusiasts worldwide. It will offer live and on-demand sports streaming, data analytics, e-gaming, education, ticketing, and merchandising services.

"The strategic acquisition of Nook and its rebranding as Sports.com marks the next phase of the Lottery.com journey," said Board Chairman and Interim CEO Matthew McGahan.

"We aim to establish Nook as a true sports incubator within the Sports.com community, fostering growth for companies and individuals alike by leveraging our extensive network to provide tailored guidance for startups, connecting them with accomplished entrepreneurs, forward-thinking organizations and visionary investors."

Lottery.com held $54.4 million in cash and equivalents as of June 30, 2023.

Price Action: LTRY shares are trading higher by 3.06% at $3.11 on the last check Monday.