that offers players a secure way to order official state lottery tickets. Jackpocket is the first and only officially licensed third-party mobile app in the U.S. Tell us about the product or service that Jackpocket offers. Our Series C funding round closed $50 million and our investors included: The Raine Group, Greenspring Associates, Circle K Ventures, TEGNA Ventures, BRV Capital, and Gaingels, and a number of new high-profile individual investors, such as David Blitzer, the owner of the NJ Devils & 76ers, Sean Hayes, actor and producer best known for his role in Will & Grace, and Jon Ledecky, the owner of the NY Islanders. Who were your investors and how much did you raise? Despite the pandemic slowing down the overall lottery market, Jackpocket grew 4x in 2020 and now employes a team of 175.ĪlleyWatch caught up with Founder and CEO Peter Sullivan to learn more about the $80B lottery industry’s push to go mobile, the company’s traction, future plans, and latest round of funding, which brings the total funding raised to $79.6M. The service went live in New York last month and is already responsible for 7% of all Powerball tickets sold in the state.
The company currently services Arkansas, Colorado, Minnesota, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas, and Washington DC with plans to expand to new markets. Jackpocket, founded in 2013, partners with official state lottery retailers and offers the players the convenience of getting in on the action from their phones, get automated alerts when they win, and even collect via the phone. For states, the lottery serves as a source of revenue to fund public education budgets, veteran services, infrastructure, and other public works. The lottery is the most popular form of gaming with 49% of adults reporting buying a lottery ticket.
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