Lotto24 Raises Funds Through Share Issue

German online lottery brokerage firm Lotto24 has announced that it raised approximately €17 million ($23 million) through a share issue last month.

The share issue ran from September 12-25 and the total number of shares has increased from nearly 14 million to nearly 20 million.

The company, which is listed on the Frankfurt Stock Exchange, said that it intends to use the net proceeds from the capital increase to support marketing activities and expand its product portfolio.

Lotto24 unveiled its plans for the share issue at its Annual General Meeting in August.