- Jackpocket — the first and only licensed third-party app in the U.S. to provide a secure way to order official state lottery tickets — announced it recently concluded a $50 million Series C funding round
Jackpocket — the first and only licensed third-party app in the U.S. to provide a secure way to order official state lottery tickets — announced it recently concluded a $50 million Series C funding round. And after seven years of operation, Jackpocket has won regulatory approval in New York, New Jersey, and has also worked with 8 other states to provide consumers with the easiest, most compliant way to play the lottery today.
The company’s new investment is already paying off. And in January alone, new user growth surpassed the entirety of 2020. After launching in New York last month, Jackpocket hit 7% of all the Powerball tickets sold in the state. And in January alone, new user growth surpassed the entirety of 2020.
The Series C funding round was fueled by diverse companies, groups, and individuals who share Jackpocket’s vision to revolutionize the lottery and gaming market. And this group includes major firms such as Raine Group, Greenspring Associates, Circle K Ventures, TEGNA Ventures, BRV Capital, and Gaingels, and a number of new high-profile individual investors like 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).
The Series C funding round will fuel new growth marketing campaigns and a series of new additions to the Jackpocket team to support aggressive expansion. And the future for Jackpocket looks bright as the app continues to reach previously untapped lottery audiences.
The new data found that nearly half of Jackpocket’s first-time players are 18-35 years old and the overwhelming majority of Jackpocket’s users are under 45 years old.
KEY QUOTES:
“Lottery is the next major form of entertainment to go mobile, and Jackpocket is proud to lead that movement by partnering with state lotteries and legislators in the pursuit of a more accessible, convenient, and responsible lottery experience. Our growth over the past 12 months highlights our ability to reach a new demographic of lottery players looking for fun and safe mobile experiences. This next round of funding will allow us to significantly grow our user base as we launch in new jurisdictions, expand our team, and continue to build the lottery of the future.”
— Peter Sullivan, CEO and Founder of Jackpocket
“Mobile lottery represents a tremendous area for growth in the $300-billion global lottery industry, and Raine is pleased to invest in this latest round for Jackpocket, the premier and proven leader in this space. Jackpocket’s success is a testament to their deep understanding of the lottery consumer and regulatory environment, their cutting-edge, proprietary technology platform, and clear vision for the future of mobile gaming. From our experience in real money gaming, we fully expect Jackpocket to become a household name, and are delighted to partner with them as they continue to expand.”
— Gordon Rubenstein, Managing Partner of Raine Ventures
