Lottery.com Acquires Dubai-Based Nook Holdings for $2.5 Million

Texas-based Lottery.com has signed a $2.5 million agreement to acquire a 90% stake in Nook Holdings, a Dubai-based sports and wellness incubator founded by Ravi Bhusari. The transaction sees Nook rebranded under the Sports.com platform, forming the company’s first regional base in the Middle East and North Africa (MENA).

Based in One JLT, Nook provides co-working, licensing, and tailored business support services for startups in the fitness, wellness, and sports sectors. As part of the acquisition, Lottery.com aims to use Nook as a launchpad for its modular global expansion model, which focuses on integrating cash-generating, high-growth businesses across sports, health, and entertainment.

Nook reported a net profit of $354,000 in FY2024, with internal forecasts projecting 38% year-on-year growth in 2025. According to Lottery.com, the acquisition marks the beginning of a broader rollout of Sports.com-branded incubators, with a second Dubai location set to open in Al Quoz by the end of 2025. Further hubs are planned in Riyadh, Jeddah, Abu Dhabi, and Greater Miami.

“This is not a one-off transaction – this is a scalable blueprint,” said Matthew McGahan, Chairman and CEO of Lottery.com and Sports.com. “We operate a modular model that enables us to bolt on high-potential, cash-generative businesses that expand both brands quickly and globally.”

The acquisition follows an $18 million capital injection in late 2023, positioning Lottery.com to move forward with its strategic growth initiatives.