Jackpot.com, during its Series A round of investing, the company closed a $35m investment from various sources. These sources include Joel Embiid, James Harden, the Haslam Sports Group, and the Kraft Group.
DraftKings co-founder and CEO Jason Robins also have placed a stake in the company, along with Fenway Sports Group president Mike Gordon. The new capital provided by the investment will allow Jackpot to launch its product in the US.
In the US, the $100bn per year lottery business has been mostly offline and cash-based. In 2021, 53% of US citizens purchased lottery tickets, but under 5% of those sales came from online transactions.
A partner at Accomplice, Ryan Moore said: "As long-time investors in the real money game space, we look for companies with the vision, the expertise, and the experience to offer real, tangible value. Jackpot has all of these, making it perfectly positioned to reimagine the lottery market."
The Jackpot team is led by Akshay K. Khanna, who is the co-founder and CEO of Jackpot in North America. Previously, Khanna ran StubHub’s North America business and Harris Blitzer Sports & Entertainment’s strategy group.
Khanna said: "More and more states across the country are now open to online lottery ticket sales, creating a huge opportunity to digitize the industry and bring a better, more convenient experience for the hundreds of millions of Americans who purchase lottery tickets every year"
He continued: "Jackpot’s goal is to become the leading provider of online lottery tickets in the United States. We are grateful for the support of our investors who will help us accelerate our mission to transform the lottery industry."
Jackpot expects to launch its operations in select US states in 2022.
Jackpot is an online lottery ticket app and platform that facilitates the purchase of official state lottery tickets online. Customers using the app will be able to purchase lottery tickets via a mobile app or desktop.
