The firm revealed revenue of $32.2 million, a rise of $30.6 million from the identical interval final 12 months. Gross revenue was $20.3 million, whereas gross revenue per transaction was $1.69, or a $0.76 enhance from the 2020 Q3, and web revenue was $11.2 million, in contrast to a web lack of $1.2 million in 2020 Q3.
Lottery.com reported monetary outcomes for the third quarter ended September 30, 2021, which have been achieved prior to the closing of the corporate’s enterprise mixture with Trident Acquisitions Corp. on October 29, 2021.
Third-quarter revenue was $32.2 million, a rise of $30.6 million from the third quarter of 2020. Growth was driven by the global affiliate marketing program.
Gross revenue was $20.3 million, a rise of $19.4 million from the identical interval final 12 months. The enhance was driven by the global affiliate marketing program in addition to improved consumer profitability. Gross revenue per transaction was $1.69, or a $0.76 enhance from the third quarter of 2020, which was driven by the implementation of a dynamic pricing mannequin and enhancements made to the corporate’s platform, together with push notifications, which contributed to larger tickets bought per transaction and better revenue per transaction.
Net revenue was $11.2 million, in contrast to a web lack of $1.2 million in the third quarter of 2020. The enchancment was driven by the rise in gross revenue partially offset by bills related to the enterprise mixture.
Tony DiMatteo, Lottery.com Co-Founder and CEO, commented: “We are happy with the robust revenue and profitability progress we achieved in the third quarter. While we have been working towards the completion of our enterprise mixture, we acted decisively to advance our plans for our global affiliate program and monetize one among our belongings by leveraging a B2B associate relationship. The begin of this program offered elevated revenue in the third quarter and is a necessary constructing block of our B2B2C technique, which we count on will lead to an elevated consumer base and extra revenue from these finish customers going ahead. Additionally, the implementation of a dynamic pricing mannequin and enhancements to our app, corresponding to push notifications, contributed to robust progress in gross revenue per transaction in contrast to the prior-year interval.”
He added: “Now that we’ve got efficiently accomplished our enterprise mixture, we’re targeted on using the proceeds we realized from the transaction, together with our third-quarter income, to speed up our focused consumer marketing campaigns, enter new markets, develop our product choices, and execute strategic and synergistic acquisitions. With our low buyer acquisition prices, giant addressable markets, and main manufacturers, we glance ahead to realizing the worthwhile progress alternatives earlier than us.”
The firm plans to enter new markets in each the U.S. and internationally by the tip of 2021 and enter New York and New Jersey in 2022.