Malta-based venture capital fund Vereeni Investments has invested a six-figure stake in newly launched lottery betting operator Megalotto. Powered by Gaming Innovation Group’s (GiG) platform and backed by Optimizer Invest, Megalotto went live earlier this week under its recently awarded Maltese licence, led by an executive team consisting of former executives from William Hill, Paddy Power, Betfair, Betsson and GiG.
The deal marks the latest investment in the iGaming sector for Vereeni Investments, which has recently acquired stakes in Green Jade Games, Nostragamus and Moneyball.
“We are delighted to be receiving a significant investment from Vereeni Investments, and to be able to tap directly into their vast gaming knowledge and wide-reaching network,” said Megalotto CEO Grant Williams. “We are in regular contact with the Vereeni team, and together are forming an exciting plan for how we are going to be a disruptive force within the online lottery sector.”
Vereeni Investments founder and CEO Timothy Heath added: “Megalotto’s customer-centric attitude is what really stands out to us as Vereeni shares those important values.
“In addition to providing an attractive interface, they want to take the customer on a journey, moving away from more traditional, transactional lottery products. We hope this relationship will be the start of many exciting projects together.”