Lottery.com Inc. (LTRY), a US-based company offering mobile lottery services, has resumed limited operations of its Business-to-Business (B2B) API platform and launched its sports brand, Sports.com, as part of a three-phase plan to recommence its operations. The company, which had experienced an operational cessation, aims to restore its core functionalities and expand into global markets as it regains compliance with Nasdaq’s listing rules.
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Lottery.com’s B2B API platform
Lottery.com’s B2B API platform, which relaunched in April 2023, enables third-party partners to offer lottery games to their customers using Lottery.com’s application programming interface. The company has maintained its relationships with its ticket-printing and courier partners, and with distribution partners that comply with local, state, and federal rules. These partners have implemented the Lottery.com API, facilitating the resumption of B2B API platform operations.
Acquisition and Launch of Sports.com
Meanwhile, in December 2021, Lottery.com acquired the domain name https://sports.com and formed a wholly-owned subsidiary, Sports.com, Inc. During November 2022, the company announced a partnership with Saudi Motorsports Company and rolled out the Sports.com brand at the FIFA World Cup decider. The following month, Sports.com signed an agreement with Data Sports Group, GmbH (DSG), securing the exclusive North American distribution rights for DSG’s sports data products.
Three-phase Plan for Revival
As per the company’s three-phase plan, its Business-to-Consumer (B2C) platform is set to relaunch in the third quarter of 2023, initially focusing on customers in Texas before expanding into other jurisdictions. The platform will enable the company to gauge customer interest and ensure regulatory compliance before continuing its rollout. Lottery.com also intends to utilize pre-paid media credits for promotional campaigns targeting both previous and new customers.
The successful execution of phases 1 and 2 will allow the company to restore additional business lines and projects, including supplying lottery tickets to customers in approved domestic jurisdictions and partnering with licensed providers in international markets. The company plans to revive other products and services that were in development prior to the operational cessation.
Nasdaq Compliance Challenges
Despite its ambitious plans, Lottery.com’s ability to regain compliance with Nasdaq’s listing rules remains uncertain. The company is now traded on Nasdaq under the ticker symbols “LTRY” and “LTRYW” for its common stock and warrants, respectively. The company’s delisting from Nasdaq could negatively affect the trading of its securities and its ability to raise additional capital through offerings.
In summary, Lottery.com’s revival of its B2B API platform and launch of Sports.com are significant first steps towards resuming full operations. While the company faces challenges, particularly regaining compliance with Nasdaq’s listing rules, its strategic plan to focus on its core business, develop its B2C platform, and expand into international markets demonstrates a commitment to realizing its growth potential.
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