Jackpocket Explained

Jackpocket Inc.
Type:Private
Industry:Lottery
Founder:Peter Sullivan
Hq Location City:New York City
Num Employees:200+ (2022)

Jackpocket, Inc. is an American technology company headquartered in New York City. It produces an app for ordering lottery tickets in 17 U.S. states, the District of Columbia and Puerto Rico.[1] [2]

History

Jackpocket was founded in 2013 by Peter Sullivan to create an app for ordering lottery tickets.[3]

The company operates as a lottery courier service; users can order lottery tickets through the Jackpocket app, but the tickets are purchased by the company on the user's behalf; it earns its revenue from service fees when a user funds their account.

The physical tickets are scanned and accessible digitally via the app, and winnings under $600 are automatically redeemed into the user's account.[4] [5] It is the first registered lottery courier service in New York and New Jersey, the two U.S. states which have passed regulations for the operation of digital lottery courier services.[6] [7]

In October 2021, a New Jersey Lottery player won a $9.4 million jackpot on a Pick-6 ticket ordered via the Jackpocket app.[8]

In November 2021, the company raised a $120 million Series D round led by venture capital firm Left Lane Capital which included participation from Mark Cuban.[9] To date, Jackpocket has raised $200 million and is valued at $620 million.[10]

In 2022, Jackpocket received a casino license in New Jersey through a deal with Caesars Interactive Entertainment and will be launching iGaming products by 2023. In December 2022, Jackpocket signed a sponsorship deal with the Dallas Stars of the National Hockey League.[11]

On February 15, 2024, the company announced its sale to DraftKings for $750 million. On May 23, the purchase was completed.[12]

External links

Notes and References

  1. Web site: Yakowicz . Will . 2022-06-17 . Meet Jackpocket, The Mobile App Winning Big In The $83 Billion U.S. Lottery Market . 2022-09-08 . Forbes . en.
  2. Web site: Jackpocket. 2023-01-16.
  3. Web site: 2015-09-30 . "Jackpocket" app aims to modernize - and monitor - lottery purchases . 2022-09-08 . CBS News . en-US.
  4. Web site: Klein . Melissa . 2019-05-18 . New gambling app will buy lottery tickets for you . 2022-09-08 . New York Post . en-US.
  5. News: Glickman . Ben . DraftKings to Buy Jackpocket for $750 Million . 2024-02-16 . WSJ . en-US.
  6. Web site: Karlin . Rick . 2021-01-26 . New York approves app that will deliver your lottery tickets . 2022-09-08 . Times Union . en-US.
  7. Web site: Marcus . Samantha . 2019-12-12 . You can get N.J. lottery tickets, prizes delivered to your phone with new service . 2022-09-08 . NJ.com . en.
  8. Web site: Goldman . Jeff . 2021-10-22 . $9.4 million Pick 6 lottery ticket sold with Jackpocket app . 2024-02-16 . nj . en.
  9. Web site: DiFurio . Dom . 2021-11-09 . Mark Cuban backs rapidly growing Texas Lottery app Jackpocket in $120 million funding round . 2022-09-08 . Dallas Morning News . en.
  10. Web site: Goldman . Jeff . 2021-10-22 . $9.4 million Pick 6 lottery ticket sold with Jackpocket app . 2022-09-08 . NJ.com . en.
  11. Web site: 8 December 2022 . Jackpocket Gets On The Ice With Dallas Stars Deal . en.
  12. Web site: DraftKings Completes Acquisition of Jackpocket. DraftKings. 2024-05-23. 2024-06-11. en-US.

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