Lottery.com, a leading online platform to play the lottery online or from a mobile device, has entered into an agreement of cooperation for a 30-year term with Turkish company Inball to offer select Lottery.com products in Turkey, both physically and electronically. The Company also is targeting mid-February 2021 to sign a definitive agreement for a business combination with Trident Acquisitions Corp.
Turkey has a market of approximately 58m people eligible to purchase lottery products. Inball has a commercial partnership with Mete Group, the largest advertiser in Turkey, and with Unilever among other large corporations. Inball also owns Karsan, a large distribution company listed on the Turkish Fortune 500.
“Lottery.com has long had the goal to further our expansion, not only domestically, but internationally,” said Lottery.com CEO Tony DiMatteo. “We believe Inball is going to be a great partner to introduce us to the Turkish market and we feel confident and grateful to be partnered with such a strong brand. The expected business combination with Trident Acquisitions should provide Lottery.com with the necessary capital to support our international expansion.”
Niyazi Mete, CEO of both Inball and Mete Group, added: “We are very keen to launch this business in Turkey as soon as possible. We are working with officials to finalize legal approvals and to begin distribution of US lottery products in Turkey.”
Lottery.com has been working on its business development strategy and has several additional business developments that will be disclosed in the following weeks. This agreement is paramount for the Company, as it marks the first international cooperation agreement and further paves the way for international expansion. This move also strongly affirms Lottery.com’s commitment to complete a business combination with Trident Acquisitions Corp., as the Company views access to the public capital markets as a critical part of its growth strategy.
On 19 November 2020, Lottery.com announced a binding letter of intent to combine with Trident Acquisitions Corp., which would make Lottery.com a publicly-traded company on The Nasdaq Stock Market.