- Jackpocket is a company that is modernizing and responsibly growing state lotteries
- The company tripled ticket sales and grew its player base by more than 150%
- Recently, Jackpocket closed a $5 million extension for its $16 million Series B round
Jackpocket is an app company that is modernizing and responsibly growing state lotteries. In the last 6 months alone, Jackpocket tripled its ticket sales and grew its player base by more than 150%.
Recently, Jackpocket closed a $5 million extension for its $16 million Series B round of funding that was raised in October 2018. Including this round, Jackpocket has raised a total of $30 million.
New investors that joined this round include PROOF and gaming industry veteran Gavin Isaacs — who is now a senior advisor to Jackpocket’s board of directors. Existing investors BlueRun Ventures, Bullpen Capital, Conductive Ventures, DCM Ventures, Digital Currency Group, former NBA Commissioner David Stern, and Subversive Capital also participated in the round.
“As we continue to lead the category, we are energized by what this new capital means for the scale of our marketing efforts,” said Peter Sullivan, founder and CEO, Jackpocket. “With our impressive stable of investors, and an experienced team, we will significantly grow not only our business, but the size of the lottery business in the states where we have live operations.”
Another milestone for the company is that it appointed tech entrepreneur and investor Paul Palmieri (Managing Partner at Grit Capital Partners) as a senior advisor to Sullivan and the Jackpocket board. Palmieri is the former CEO of Millennial Media who took the mobile ad tech company from concept to a $1.4 billion IPO.
“In industry after industry, the consumer utility and market expansion power of the app economy is clear,” added Paul Palmieri. “Like other app economy industry accelerations, where one iconic company tends to expand the pie by offering usability, customer choice, and responsible controls, Jackpocket has the opportunity and traction, and now the capital, to be that catalyst.”
How does it work? Jackpocket offers players with a secure way of ordering official state lottery tickets like Powerball and Mega Millions. It works as a no-cost and no-integration turnkey platform. And it helps lotteries drive incremental revenue, which also benefits essential state programs like public education, veterans assistance, and natural resources while also attracting new customers such as millennials who otherwise would not be active lottery players.
Through the Jackpocket app, players can place orders for their favorite games, check lottery results, join lottery pools with other Jackpocket players, and turn on autoplay so that you never miss a drawing. Recently, Jackpocket hit $1 million in prizes awarded to winners through the app.
Jackpocket is also the first company that can automatically lock a player’s identity to their ticket serial number. Currently, Jackpocket is available in Minnesota, New Hampshire, and Texas. And the company will be expanding to many more markets this year. Jackpocket was founded by Sullivan, senior mobile developer Matt Silber, CTO Leo Shemesh, and VP of Lottery Operations Eric Parker.