The yearly worth of the lottery industry in the United States is $100 billion, and it is mostly cash-based, but one startup intends to alter that by enabling clients to buy legal lottery tickets online in various states. 

Jackpot is online software and platform for purchasing lottery tickets, and it has concluded a $35 million Series A fundraising round.

Online Lottery App Secures $35 Million in Funding

The $35 million investment round was supported by some of the largest investors and entertainment industry players. Accomplice and Courtside Ventures, together with Michael Rubin, Kraft Group, Haslam Sports Group, Elysian Park Ventures, and Arctos Sports Partners, spearheaded the most recent funding round. Among the investors in Jackpot’s Series A round are DraftKings co-founder and CEO Jason Robins, NBA players Joel Embiid and James Harden, NHL veteran Martin Brodeur, Boston Red Sox president and CEO Sam Kennedy, Sapphire Sport, and musical artist Lil Baby.

Akshay K. Khanna, co-founder and chief executive officer of Jackpot North America, expressed his delight in a statement. He said that one of Jackpot’s ambitions in the United States is to become the biggest online lottery ticket supplier. Khanna said that the business recognized a tremendous potential to assist digitalize the sector and provide simple service to millions of Americans, given that a growing number of US states had authorized online lottery ticket sales. In closing, he thanked all participants in the investment round.

High Profit from Jackpot’s Industry-Leading Service

According to Jackpot, despite the billion-dollar size of the US lottery sector, it remains mostly cash-based for the time being. According to the firm, about half of all Americans bought lottery tickets last year. Nonetheless, just 5% of purchases were completed online. Jackpot would then be able to exploit its revolutionary digital infrastructure that enables the online purchasing of state lottery tickets. In reality, the company’s patented technology allows it to provide its clients with the greatest experience in its industry. This year, Jackpot intends to establish its US-facing operations in numerous states. Local communities would gain from the increase of online lottery sales. With up to 95 cents of every dollar flowing back to communities, according to the corporation, there will be several new contributions to healthcare, education, and other vital public programs.