• Loading stock data...
Friday, June 21, 2024

Several Top Sports Execs Lead $35M Funding Round in Jackpot

  • Jackpot is looking to operate in New York, New Jersey, Texas, Ohio, and Oregon.
  • The company will generate profits by charging a convenience fee on purchases.
Rhona Wise-USA TODAY Sports

U.K.-based online lottery ticket company Jackpot has raised $35 million in a Series A funding round including top sports executives and athletes.

Co-led by early-stage investor Courtside Ventures and VC firm Accomplice, the round featured a star-studded list of investors that included NBA superstars James Harden and Joel Embiid

Fanatics CEO Michael Rubin, New England Patriots owner The Kraft Group, Cleveland Browns owner Haslam Sports Group, DraftKings CEO Jason Robins, and Boston Red Sox president Sam Kennedy also took part in the round, which will facilitate Jackpot’s app launch in the U.S. 

  • Jackpot is looking to operate in New York, New Jersey, Texas, Ohio, and Oregon.
  • The company will generate profits by charging a convenience fee on purchases. 

Jackpot’s latest funding round will help the company tap into a U.S. lottery market that is estimated to be worth $100 billion annually. Jackpot aims to bridge the gap between physical and online lottery ticket sales for the 53% of Americans who purchased a lottery ticket last year. 

Only about 5% of those lottery ticket sales in 2021 were made online.

Positive Spending 

Jackpot hopes to increase lottery ticket sales in states that permit online purchases, which in turn would benefit their communities.

With up to 95 cents of every dollar spent on lottery games allocated toward education, healthcare, and other initiatives, Jackpots aims to promote and accelerate positive spending.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
DraftKings

More States Hiking Sports Betting Taxes, Eyeing Revenue Windfall

Illinois more than doubles its peak tax rate on sportsbook operators, with others likely to follow.
Sponsored

How Duracell is Making Fans Fall in Love with F1 Racing

Nobody expected this household brand to become F1’s newest darling.
Sponsored

Major League Rugby’s Vision for American Rugby

How Major League Rugby is leading the Rugby renaissance in the U.S.
podcast thumbnail mobile
Front Office Sports Today

How Women’s Sports Media is Charting Its Own Path

0:00

Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.

The ‘Big’ in Big 12 Could Soon Be Replaced With a Sponsor’s Name

Allstate is said to be in discussions about a deal with the Big 12.
June 12, 2024

Saudi Arabia’s Next Big Sports Target: Boxing, With Joint Venture Worth $5B

The Public Investment Fund of Saudi Arabia is focusing on boxing as its next large-scale sports target.
June 13, 2024

Everything You Need to Know About the Schism Rocking Competitive Eating

The business story about hot dogs that you never knew you needed.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
June 11, 2024

Breakthrough? Tiger Says PGA Tour and LIV Golf Are Eyeing ‘End Game’

Woods called a recent meeting ‘productive.’
June 10, 2024

Salt Lake City’s $4B Olympics Price Tag Could Be a Bargain: Here’s Why

Utah is the preferred bidder for the 2034 Games.
June 7, 2024

New Era’s Acquisition of ’47 Set to Reshape Sports Apparel Market

New Era is set to acquire ’47 in a deal creating a combined operation with $2 billion in annual revenue.
June 5, 2024

One Year After ‘Merger,’ the PGA Tour and LIV Golf Still Remain Far Apart

Leaders of the tours struck an agreement exactly one year ago.