Online lottery ticket company Jackpot gets funding of $35M from top sports executives

Jackpot is looking to grow the U.S. lottery business by putting it online

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The company closed a Series A Funding Round of $35M on 22nd June 2022.

The investor list includes some top sports executives and other sports stars such as NBA superstars James Harden and Joel Embiid and NHL great Martin Brodeu.

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The investment will enable Jackpot to start rolling out its website and app later this year in select locations where online lottery ticket sales are allowed

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The $100 billion-a-year lottery business is still mostly cash-based, with buyers getting tickets at bodegas, convenience stores, gas stations and other locations.

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Jackpot, which says it wants to transform the business to be more in sync with the online buying habits of today’s consumers

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The company will make its money by charging a convenience fee on purchases.

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