Lottery.com has signed an amended stock purchase agreement to acquire 90% ownership of UAE-based Nook Holdings, a sports and wellness incubator, for $2.5 million in cash. The transaction is expected to close on or before June 30, 2025.
Founded in 2018 by Ravi Bhusari, Nook provides co-working spaces and licensing support for startups and professionals in sports and health. Post-acquisition, Nook will be rebranded as a Sports.com hub, part of Lottery.com’s global expansion strategy to launch a network of branded Sports.com incubators supporting early-stage businesses.
This move is a scalable blueprint, as described by Matthew McGahan, Chairman and CEO of Lottery.com and Sports.com: “This is not a one-off transaction – this is a scalable blueprint. We operate a modular model that enables us to bolt on high-potential, cash-generative businesses that expand both brands quickly and globally.”
According to financial data, Nook generated $354,000 in net profit in FY 2024, with projected growth of 38% to $490,000 in 2025. Sports.com also announced plans to open a second hub in Q4 2025 in Al Quoz, Dubai, and has identified future locations in Riyadh, Jeddah, Abu Dhabi, and the Greater Miami area.
Ravi Bhusari commented on the partnership: “This will be a defining moment for Nook… Partnering with Sports.com, a visionary brand with global ambitions, unlocks tremendous opportunities for our members.” The deal retains 10% ownership with the original stakeholders, ensuring continuity and business momentum.
This acquisition aligns with Lottery.com’s broader transformation into a diversified tech company operating at the intersection of gaming, sports, and entertainment, with plans to run parts of its international operations from the new Dubai hub.
