DiMatteo resigns as CEO of Lottery.com

The broker said that it accepted DiMatteo’s notice of resignation on 21 July and he stepped down as CEO the following day. DiMatteo will now serve as senior advisor to the board.

DiMatteo is a co-founder of Lottery.com and had served as its CEO since May 2015. He also co-founded WinTogether, which operates as part of the wider Lottery.com business.

Prior to joining Lottery.com, DiMatteo co-founded and was CEO of photo mobile application Glimpsable between March 2013 and February 2015.

DiMatteo becomes the latest high-profile exit from Lottery.com in recent weeks, with the broker last week having also announced that chief revenue officer Matthew Clemenson had resigned.

This came as Lottery.com revealed it “overstated” its cash holdings by $30m, soon after sacking president and CFO Ryan Dickinson after discovering questions about its compliance and accounting practices.

The broker said it initiated a review after discovering “instances of non-compliance with state and federal laws concerning the state in which tickets are procured”.

Following this, its board “terminated the employment” of Dickinson earlier this month, appointing Harry Dhaliwal as interim CFO.

As part of the changeover, the business reviewed its cash balances, and discovered that it had “overstated its available unrestricted cash balance by approximately $30m” and that, relatedly, in the prior fiscal year, it “improperly recognised revenue in the same amount”.