Lottery.com to Acquire GXR Assets for $10 Million to Launch Sports.com Super App

MT Newswires Live06-26

Lottery.com (LTRY) said Thursday it has signed a letter of intent to acquire a 51% stake in GXR's sports and tech assets for $10 million to support the launch of its Sports.com super app.

The deal includes a $15 million financing commitment to scale the app, with the option to buy the remaining 49% of the new entity, NewCo, by 2027. The deal will be funded by $5.1 million in cash, stock, or both at a $3.00 share price, and is expected to close by Aug. 1, Lottery said.

The app, set to debut in select markets in Q3, will combine live streaming, chat, e-commerce, gaming, and news into one platform focused initially on soccer and motorsports, the company said.

GXR's tech stack and user base, reportedly over 1 million monthly users, will be transferred to NewCo, where Lottery.com will hold majority control, it added.

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