Online Lottery Platform, Lottery.com, Acquires Majority Share in United Arab Emirates-Based Nook Holdings
Lottery.com Takes Sports and Wellness Game to the Next Level
Lottery.com's sports and wellness wing, Sports.com, is gearing up for a major expansion following its acquisition of a significant stake in Dubai-based incubator Nook Holdings. This move signifies Sports.com's ambition to strengthen its brand across global markets, starting with a robust foothold in the Middle East.
Here's the lowdown!
Sports.com Meets Nook Holdings
In a whopping $2.5 million all-cash deal, Lottery.com snagged 90% of Nook Holdings, a sports and wellness business incubator founded by Ravi Bhusari. Nook's supportive services include licensing, co-working space, and startup assistance. The incubator operates out of the One JLT building in Dubai, inside the Dubai Multi Commodities Centre (DMCC) Free Zone.
Expecting a Change
The deal is set to close by June 30, 2025. Once that happens, the existing Nook operations will fall under the Sports.com banner, carrying on with their current services.
Matthew McGahan, both Chairman and CEO of Lottery.com and Sports.com, sees the acquisition as a stepping stone to more growth opportunities. He articulates, "This ain't a one-off deal - this is a repeatable growth pattern. Our modular model lets us snap on high-potential, cash-generating businesses that boost both brands worldwide, pronto."
New Digs on the Horizon
Sports.com is more than dipping its toes in the Dubai waters; it's diving deep with plans to setup shop in Al Quoz and potentially in other UAE locations, like Abu Dhabi. Moreover, expansion into Saudi Arabia, Jeddah, and the Greater Miami region is under consideration. Each of these hubs is intended to blend co-working, licensing, and networking, all within the sports and wellness realm.
Financial Stability, Operational Strength
In the financial books, Nook posted a net profit of $354,000 in 2024 and projects a 38% rise to $490,000 in 2025. This financial prudence makes Nook an attractive addition to Sports.com's expansion plans.
Mark Bircham, Director and Head of Acquisitions at Lottery.com, asserted that the merger has been in progress for quite a while, emphasizing the perfect fit between Nook and the Sports.com platform.
"We're eager to join forces with these companies, offering them the full spectrum of Sports.com's services, from networking and licensing to possible investment or acquisition. We're just getting warmed up," Bircham declares.
Ravi Bhusari, who stays on board, believes the partnership will unlock new possibilities for the companies within Nook. "This will mark a turning point for Nook," he says. "The synergy with Sports.com offers exciting growth prospects for our members through enhanced access to resources and increased global exposure."
Sources:
[1] Dubai-based Nook Holdings acquired by Sports.com under Lottery.com Inc.[2] Lottery.com Expands into Sports and Wellness Sector with Acquisition of Nook Holdings[3] Lottery.com's Sports.com to establish global network of sports and wellness incubators[4] Under Lottery.com Inc., Sports.com Unveils Strategic Growth Plan
- With their acquisition of Nook Holdings, Sports.com is expanding its sports-focused business, aiming to establish a robust presence in global markets.
- The strategic partnership between Sports.com and Nook Holdings will provide an expanded network of resources and global exposure for companies under Nook, fostering growth in the sports and wellness sector.
