Closes SPAC Deal, Debuts on Nasdaq Monday

Posted on: October 31, 2021, 02:23h. 

Last updated on: October 31, 2021, 03:08h.

AutoLotto, which does business as, has closed its merger with special purpose acquisition company (SPAC) Trident Acquisitions Corp. (NASDAQ:TDAC). The deal concluded on Friday, Oct. 29 and it will debut as a freestanding public company on Monday, Nov. 1. debuts as a standalone public company on Monday. It will trade on the Nasdaq under the ticker “LTRY.” (Image: STOWise)

The online lottery provider allows consumers and businesses to purchase lottery tickets online and via mobile devices. It offers “real-time results on more than 800 lottery games from more than 40 countries.” It will trade on the Nasdaq under the ticker “LTRY”, while its warrants will sport the symbol “LTRYW.”

The transaction was approved at a special meeting of Trident’s stockholders on October 28, 2021. Additionally, Trident stockholders elected to retain 99.6% of Trident’s outstanding stock, resulting in the Company receiving gross proceeds of over $63 million from the transaction,” according to a statement.

Shares of Trident rallied in anticipation of the deal closing, surging 8.61 percent last week to finish October with a gain of 30.52 percent, making it one of the best-performing blank-check equities in the tenth month of the year.

Maybe Good Timing for Debut is becoming a standalone public company just as investors are displaying enthusiasm for lottery assets.

For example, Scientific Games (NASDAQ:SGMS) announced last week it’s selling the SG Lottery business to Brookfield Business Partners LP (NYSE:BBU) for $6.05 billion. The seller revealed intent to part with its lottery unit in late June and the shares now reside near all-time highs.

While overshadowed by internet casinos and online sports betting, established lottery businesses, broadly speaking, are growing, profitable, and generating cash flow — all alluring traits for investors.

iLottery offers its own compelling growth trajectory. As notes, just four percent of $430 billion in global lottery sales currently occur online. The company also has significantly lower customer acquisition costs than online sportsbook operators. provides a platform for domestic and international customers “to remotely purchase legally sanctioned lottery games,” and the company offers that service across over 800 games in more than 40 countries. Offers Growth, Too

Investors will view as a growth stock, and it comes to market following some miserable performances by de-SPACed gaming companies this year. That means there’s some burden on the company to live up to and exceed the hype.

Currently, the company operates in 11 states and is aiming to boost that total to 34 by 2023. One area investors are apt to focus on is customer acquisition costs. It costs about $4 to attract a customer that, on average, spends almost $31 in their first year. That return on investment is vastly superior to what’s seen with online sportsbook operators.

Additionally,’s sales are soaring at a noticeable rate.

“From 2016 to 2020, grew gross revenue at a compounded annual growth rate of 322 percent, and forecasts gross revenue equal to approximately $71 million in 2021, $280 million in 2022, and $571 million in 2023,” according to the company.