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Football

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Tennis

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Darts

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Cricket

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Golf

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Horse Racing

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F1

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Boxing

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Debit card

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Neteller

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Skrill

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Enhanced odds

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newslottery com displays growth plan following disappointing q1 results which saw a loss of revenue

Lottery.com Displays Growth Plan Following Disappointing Q1 Results Which Saw A Loss Of Revenue

We independently review betting sites. Sign-ups through our links may earn us a commission at no extra cost to you, this never influences our listings’ order.

Leading technology company Lottery.com has provided its new strategy to grow revenue through 2024, after Q1 kicked off the year with a disappointing loss.

Lottery.com Outlines Growth Plan Following Q1 Loss

The lottery technology provider recorded £224,000 in revenue during Q1 which was a significant drop from the £448,000 made by Lottery.com across the same duration last year.

With revenue dropping to below half of what it was last year during Q1 there was an immediate cause for concern for the company which recorded a high of £1.3million in yearly earnings back in 2021.

Lottery.com released a statement of intent following a disappointing start to the year, saying: “The cornerstone of the company’s operational progress for FY 2024 will be driven by technology, product and service/capability enhancements.”

With some of the best technology around, Lottery.com should have no problem getting back on track this year as it looks to recover from one of the worst quarters in its history.

The lottery provider believes that the steady loss in revenue stems from financial problems over the past two years, which resulted in over £350,000 unpaid wages for staff.

Since July 2022, Lottery.com has been recovering from its financial debt due to “overstating” its cash holdings by $30million when president Ryan Dickinson left the company.

It wasn’t just past financial issues that caused a drop in Lottery.com revenue through Q1, with the technology provider also reporting a gross profit of £166,000 from January to April – which represented a 52% drop on last year’s figures.

The decrease in gross profit can be attributed to significantly lower revenue through the first months of the year compared to year on year figures.

Operating expenses saw a slight decrease compared to 2023, with £2.6m going into the company, despite a slight increase in personnel cost.

Olly Taliku
Olly Taliku
Olly Taliku

Olly Taliku has worked with highly respected sports and gambling websites where he has produced hundreds of articles, as well as being published with Burton Albion and Chesterfield FC. At Burton Olly worked closely alongside the women's team, producing mainly matchday content including reports and interviews, while at Chesterfield he worked in a similar role but with the academy side, as well as some first team content. He also has experience as an accredited Premier League and EFL writer for Prost International where he worked during the 2021/22 season to produce matchday content as an on location reporter. Olly specialises in football as well as long form SEO content plus news, tips and betting but also produces content on basketball, baseball and American football.

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