AUSTIN, Texas - Lottery.com Inc. (NASDAQ: LTRY, LTRYW), a technology firm in the lottery and gaming industry, has announced the relaunch of its sweepstakes operations in partnership with the WinTogether Trust, a charitable organization. The initiative aims to support Street Child United, a global entity working to improve the lives of street-connected children through key initiatives such as birth registration, protection against abuse, access to education, and gender equality.
The sweepstakes, which began softly on April 3, 2024, offers participants the chance to win an Apple (NASDAQ:AAPL) Vision Pro mixed reality headset in exchange for donations. This campaign is a continuation of Lottery.com’s philanthropic efforts and is accessible through the new platform http://donateto.win, replacing the former WinTogether.org. The fundraising event will run until August 31, 2024, with the winner expected to be announced around September 20, 2024.
Matthew McGahan, CEO of Lottery.com, highlighted the significance of this milestone for the company, emphasizing its commitment to responsible gaming and support for charitable causes. Bart Myers, Director of the WinTogether Trust, echoed this sentiment, noting the potential for leveraging Lottery.com and Sports.com brands to expand the reach and impact of their charitable sweepstakes.
Lottery.com has established itself as a transformative platform for playing lottery games, offering mobile and online access for legal lottery play across multiple jurisdictions. The company's approach to incentivizing non-profit donations through gamification has been a part of its mission to foster community and philanthropic initiatives.
This announcement is based on a press release statement and contains forward-looking statements regarding Lottery.com's future operations and objectives. The company cautions that these statements are subject to numerous risks and uncertainties, and actual results or events may differ materially from those projected. The press release also notes the company's focus on maintaining effective internal controls and compliance with relevant laws and regulations.
Investors and interested parties are advised that this information is based on the latest press release from Lottery.com.
InvestingPro Insights
As Lottery.com Inc. (NASDAQ: LTRY, LTRYW) embarks on its latest philanthropic campaign, potential investors and market watchers may be interested in the company's current financial health and market performance. According to real-time data from InvestingPro, Lottery.com has a market capitalization of 8.64 million USD, reflecting its size within the lottery and gaming industry.
The company's Price / Book ratio stands at a low 0.25 as of the last twelve months ending Q4 2023, which may suggest that the stock is trading below its net asset value. This could be an attractive point for value investors considering the company's assets in relation to its current share price. However, it's essential to note that the company has experienced a significant decline in stock price over the past year, with a one-year price total return of -80.4% as of April 2024.
InvestingPro Tips for Lottery.com highlight several challenges, including a quick burn through cash and weak gross profit margins, which stand at 14.46% for the same period. These factors could be crucial for those evaluating the company's operational efficiency and long-term sustainability. Additionally, with short-term obligations exceeding liquid assets, there is a potential liquidity risk that investors should be aware of.
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