Leading online and mobile lottery platform Lottery.com announced it entered into a Memorandum of Understanding (MoU) with Ukrainian state lottery operator MSL to offer some select products to the market in the country.
Lottery.com Acquires Access to Ukraine
Select products offered by Lottery.com under the provision of the MoU will be in accordance with current lottery requirements for compliance, as well as upcoming changes to Ukrainian lottery legislation, and will be available both in physical and digital form.
“MSL is an expert and leader in the lottery space in Ukraine. We are grateful to be partnered with such an established powerhouse in the lottery and gaming industry and very excited to expand into the Eastern European market.”Tony DiMatteo, CEO, Lottery.com
MSL, a member of the European Association of State Lotteries and the largest state lottery operator in Eastern Europe, will gain exclusive distribution rights for select Lottery.com products in the country with a population of 45 million people and an estimated gambling market of approximately €1 billion.
The online and mobile lottery operator from Texas has been actively seeking to expand into new markets recently, and is planning to announce further deals in the coming weeks.
Cooperation Agreement in Turkey
At the end of January, Lottery.com announced a similar deal with company Inball for select products in Turkey. The 30-year agreement of cooperation ensured access for the Austin-based lottery platform to a market of 58 million people, as well as additional strategic links.
Mete Group, the largest advertiser in Turkey, has a commercial agreement with Inball, and Unilever is also among the partners of the Turkish counterpart of Lottery.com. Inball is also the parent company of Turkish Fortune 500-listed distribution firm Karsan.
By mid-February, Lottery.com is expecting to complete its business combination with the special purpose acquisition company (SPAC) Trident Acquisitions Corp and to start trading on the NASDAQ market.
The merger with the blank-check company was initiated in November 2020, when the Austin-based Lottery.com signed a binding letter of intent with the SPAC.
The business combination expected to complete in the first quarter of 2021 will see stockholders at the leading online lottery platform roll 100% of their equity into the combined entity with no minimum cash requirement.
People behind Trident Acquisition Corp had previous experience with SPAC-type transactions, having listed blockchain-based fintech company Tritteras via another blank check company, Neftin Acquisition Corp.