Big Players, Including Arctos, Kraft, and Rubin, Raise $35 Million in Lottery-like Funding
In a significant move for the online lottery industry, Jackpot, a leading digital lottery platform, has secured $35 million in Series A funding. This funding round was co-led by Courtside Ventures and Accomplice, with participation from a diverse group of high-profile investors.
The funding round saw the involvement of Boston Red Sox president and CEO Sam Kennedy, Fenway Sports Group president Mike Gordon, DraftKings CEO Jason Robins, and NBA stars James Harden and Joel Embiid. Notably, the Kraft Group, owners of the New England Patriots, also invested in Jackpot.
Other notable backers include Arctos Sports Partners, Sapphire Sport, Elysian Park Ventures (backed by the owners of the Los Angeles Dodgers), and former NHL player Martin Brodeur. Rapper Lil Baby is among the celebrity investors in the round.
Accomplice, an early DraftKings investor, also participated in this funding round, indicating a strategic alignment between the two digital gaming companies.
The new funding will be instrumental in Jackpot's plans to expand its operations in the U.S., where the lottery market is estimated to be worth $100 billion. Akshay Khanna, a former StubHub executive, who was recently appointed as the CEO of Jackpot's North American business, described the platform as "Uber Eats for lottery tickets," a service that allows tickets to be ordered online and delivered digitally.
Jackpot has already made a mark in a few European markets and is looking to replicate its success in America. The company's strategic partnerships with sports teams could aid in its marketing efforts, as it seeks to capitalise on the growing trend of online lottery sales.
Interestingly, Jackpot's competitor, Jackpocket, has inked online lottery deals with sports teams, most recently with MLB's Colorado Rockies. This competitive landscape is expected to drive innovation and growth in the digital lottery market.
As the online lottery market continues to gain traction, investments in platforms like Jackpot are a testament to the potential of digital solutions in the traditional lottery industry. With its robust investor base and strategic leadership, Jackpot is well-positioned to make a significant impact in the U.S. lottery market.
Sports betting transactions may increase with the growing trend of online lottery sales, as technological advancements enable platforms like Jackpot to offer a seamless digital lottery experience. The expansion of Jackpot's operations in the U.S. sports market, fueled by the $35 million Series A funding, could potentially revolutionize the traditional sports and lottery landscape.
