Lottery.com reported that its financial position was bolstered thanks to a placement agent agreement with Univest Securities, a boutique full-service investment bank. Under this deal, the latter firm introduced Lottery.com to new investors. This resulted in an initial investment of a million dollars.

According to the official announcement, the funding was provided to Lottery.com in the form of convertible promissory notes and common stock purchase warrants. The company added that this investment comes in addition to the ongoing funding it receives from United Capital Investments Limited.

The money will serve as working capital and allow Lottery.com to restart its core operations, including the Nexus Gaming Platform, WinTogether and the LotteryLink affiliate program.

In addition to that, the money will allow Lottery.com to proceed with the acquisition of Nook Holdings Limited. Lottery.com described Nook as a “pioneering force in the sports, fitness and wellness industry” that offers multiple services, such as business setup support, insurance, VAT registration, and networking opportunities for sports entrepreneurs.

Lottery.com has revisited the terms of its purchased deal and completed the payment of the remainder of the deposit. The Nook acquisition is expected to be finalized by the end of Q1 2024, Lottery.com added. As a part of the acquisition Nook will be rebranded as Sports.com.

Lottery.com representatives commented on the new funding and the company’s ambition for the future. According to chief operating officer Gregory Potts, the new funding marks a “pivotal moment” for his company.

We are focusing on enhancing our technological infrastructure and customer experience, ensuring that as we restart operations, we do so with a system that is robust, scalable, and ready to meet the evolving needs of our users.

Gregory Potts, COO, Lottery.com

Potts added that the support the company receives is not just a financial boost but also a testament to the confidence investors have in Lottery.com.

Matthew McGahan, Lottery.com’s chief executive officer, also commented on the matter, saying that the funding is a reason for celebration. He said that the new investment will be crucial for the company’s 2024 vision.

This marks the beginning of an exciting phase where we recommence lottery operations and develop our sports.com brand. We will continue to lead the way in reinventing the lottery experience, leveraging state-of-the-art technology to offer innovative solutions.

Matthew McGahan, CEO, Lottery.com

McGahan added that the acquisition of Nook will allow his team to create a “true sports incubator” and leverage Lottery.com’s network to “foster growth” for companies and individuals alike.

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In a speech at the Global Gaming Expo (G2E) in Las Vegas, MGM Resorts International CEO Bill Hornbuckle expressed his optimism about the United Arab Emirates (UAE) becoming a hub for casino resorts. 

MGM’s Dubai Casino Project Awaits UAE Approval

Hornbuckle, during his address at G2E, stated that MGM Resorts is actively working on a project in Dubai, in partnership with Wasl Asset Management Group, which could potentially house a casino. He mentioned that the development, which includes MGM, Bellagio, and Aria, is being designed with a flexible space of 150,000 square feet, awaiting the nod from the UAE leadership to introduce gaming into the mix.

This revelation comes amid the UAE’s recent announcement about the formation of its first gaming regulatory agency, the General Commercial Gaming Regulatory Authority (GCGRA), chaired by former MGM CEO Jim Murren. While the UAE has traditionally prohibited gambling under Sharia law, recent indications suggest a paradigm shift. 

JPMorgan analysts also recently suggested that the UAE could approve a gambling framework in 2023. The newly-established regulatory body is believed to be accelerating its efforts.

Hornbuckle expressed cautious optimism, stating that they would love to have a presence in Dubai with a functioning product featuring a casino, but emphasized the need to take things one step at a time. 

MGM and Wynn Prepare for Billion-Dollar Market

The potential market value of the UAE’s gaming industry has piqued the interest of major players. Research analysts have estimated that the UAE’s gaming market could be worth up to $6.6 billion annually in casino revenue, rivaling established markets like Singapore and Macau. MGM Resorts, alongside competitors like Wynn Resorts, is gearing up for a market that could surpass even Singapore, home to two major casinos, including the renowned Marina Bay Sands.

While Dubai seems to be at the forefront of these developments, other emirates are also eyeing the gaming industry. A recent survey conducted by Knight Frank revealed that 59% of respondents believe Abu Dhabi, the capital of the UAE, will eventually have at least one gaming venue, as reported by Skift. Additionally, 58% shared the same sentiment about Dubai, and 48% anticipated integrated resorts in other emirates.

The potential influx of casinos is reshaping the UAE’s tourism landscape. The challenge for other emirates lies in matching Dubai’s infrastructure, including the bustling Dubai International Airport, which serviced more than 66 million passengers in 2022. Hornbuckle remains optimistic about the future, highlighting MGM’s longstanding relationship with Dubai and the company’s readiness to adapt to various scenarios, including equity investments or outright leasing of gaming venues.

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