Jackpot Gets $35 Million In New Funding With Possible Expansion Ahead
One of the country’s newest lottery courier services looks to hit the ground running. A recent Jackpot funding round has given many names that lottery players will recognize a stake in the company.
The infusion of cash could set up Jackpot to introduce its online lottery ticket shopping app to new US states. Exactly where and how quickly that could happen is another matter of regulatory systems catching up to available technology.
Jackpot lottery app funding round nets $35 million
A Wednesday press release lays out Jackpot’s new investors. Sports fans and online gamblers will recognize many of the names. The funding round, which totaled $35 million, included buy-ins from:
- Former NHL player Martin Brodeur
- Philadelphia 76ers star Joel Embiid
- Brooklyn Nets star James Harden
- DraftKings CEO Jason Robins
With the funds, the release says that Jackpot lottery app will make new hires, look to acquire other companies, improve upon its existing products, and launch its product in the United States. That possibility of expansion could be the most interesting element of this news for lottery players.
How does Jackpot work?
For those unfamiliar with how a lottery courier service works, think of Jackpot as a kind of Instacart for lottery tickets. Locally relevant lottery games are available on its app for purchase after a deposit. Once app users place an order, Jackpot staff will acquire the prescribed game tickets and scans them into the app.
If your play(s) result in wins of $600 or less, that amount is automatically credited to your account. For larger wins, Jackpot sends the original ticket to you to enable you to collect your prize from your local lottery.
As far as where they might expand next, local regulations will have a lot of say in that. In some states, laws dictate that players must purchase their tickets in person. As state laws allow for online lottery sales, Jackpot will look at entering new markets. Due to this funding round, Jackpot will not lack the resources necessary to take advantage of those opportunities.