{"id":218449,"date":"2022-06-22T12:30:00","date_gmt":"2022-06-22T19:30:00","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=218449"},"modified":"2023-01-03T05:42:36","modified_gmt":"2023-01-03T11:42:36","slug":"jackpot-raises-35-million-from-slew-of-famous-investors","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/jackpot-raises-35-million-from-slew-of-famous-investors\/","title":{"rendered":"Jackpot Lands $35M in Funding, Investors Include NBA Stars Joel Embiid, James Harden"},"content":{"rendered":"

Jackpot, a provider of internet lottery games, said today it closed a $35 million series A funding round that includes some big-name athletes, team owners, and gaming executives.<\/p>\n

\"Jackpot\"
Philadelphia 76ers stars James Harden and Joel Embiid. They’re among the investors in online lottery company Jackpot. (Image: Sporting News<\/em>)<\/figcaption><\/figure>\n

Jackpot plans to launch operations in the US in select states this year, according to the company. Those states are expected to be New Jersey, New York, Ohio, Oregon, and Texas.<\/p>\n

The round was co-led by Accomplice and Courtside Ventures, with participation from the Kraft Group, Michael Rubin, Haslam Sports Group, Elysian Park Ventures, Arctos Sports Partners, Sapphire Sport, Theo Epstein, Fenway Sports Group President Mike Gordon, DraftKings co-founder and CEO Jason Robins, NBA stars James Harden and Joel Embiid, NHL legend Martin Brodeur, musical artist Lil Baby, and Boston Red Sox President and CEO Sam Kennedy, among others,\u201d<\/strong> according to a statement.<\/p><\/blockquote>\n

Rubin is the founder of Fanatics, while Embiid and Harden play for the Philadelphia 76ers. Earlier today, Rubin revealed he\u2019s selling<\/a> his 10% interest in the company that owns the 76ers and the NHL\u2019s New Jersey Devils, for whom Brodeur starred.<\/p>\n

Growth Seen in Internet Lottery<\/h2>\n

Traditionally, the $100 billion US lottery business has been offline and driven by cash. As Jackpot notes, last year \u201c53% of Americans purchased lottery tickets, but only ~5% of those sales came from online transactions.\u201d<\/p>\n

\n

However, some states are warming to the iLottery concept. While overshadowed by internet casinos and online sports betting<\/a>, established lottery businesses, broadly speaking, are growing, profitable, and generating cash flow \u2014 all alluring traits for investors. iLottery offers its own compelling growth<\/a> trajectory. As Lottery.com notes, just four percent of $430 billion in global lottery sales currently occur online.<\/p>\n<\/div>\n

\u201cMore and more states across the country are now open to online lottery ticket sales, creating a huge opportunity to digitize the industry and bring a better, more convenient experience for the hundreds of millions of Americans who purchase lottery tickets every year,\u201d said Jackpot North America CEO Akshay Khanna in the statement.<\/p>\n

The company plans to use the $35 million in series A funding to accelerate its US expansion, to add staff, to establish partnerships, and potentially for strategic acquisitions.<\/strong><\/p>\n

Jackpot Private for Now<\/h2>\n

In the statement discussing the funding round, Jackpot doesn\u2019t mention plans to go public, and with capital raising being at the A level, it could be awhile before the San Francisco-based company discusses an initial public offering (IPO).<\/p>\n

There are some public companies in the iLottery space, including Lottery.com (NASDAQ:LTRY) and NeoGames (NASDAQ:NGMS). Lottery.com went public last October<\/a>. That stock is off 82.26% year-to-date, while NeoGames is off 47%.<\/p>\n

In the US, NeoGames is operational<\/a> in Michigan, New Hampshire, North Carolina, and Virginia, and is pursuing iLottery contracts in Alaska, Connecticut, Maryland, Massachusetts, Missouri, Ohio, and Oregon. It also provides iLottery services in Alberta, Canada, and some countries in Europe.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jackpot, a provider of internet lottery games, said today it closed a $35 million series A funding round that includes some big-name athletes, team owners, and gaming executives. Jackpot plans to launch operations in the US in select states this year, according to the company. Those states are expected to be New Jersey, New York, […]<\/p>\n","protected":false},"author":46,"featured_media":218450,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13699],"tags":[],"acf":[],"yoast_head":"\nJackpot Raises $35 Million From Slew Of Famous Investors<\/title>\n<meta name=\"description\" content=\"Jackpot raises $35 million from impressive cast of investors.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jackpot Raises $35 Million From Slew Of Famous Investors\" \/>\n<meta property=\"og:description\" content=\"Jackpot raises $35 million from impressive cast of investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/jackpot-raises-35-million-from-slew-of-famous-investors\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-22T19:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-03T11:42:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/76.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/jackpot-raises-35-million-from-slew-of-famous-investors\/\",\"url\":\"https:\/\/www.casino.org\/news\/jackpot-raises-35-million-from-slew-of-famous-investors\/\",\"name\":\"Jackpot Raises $35 Million From Slew Of Famous Investors\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/jackpot-raises-35-million-from-slew-of-famous-investors\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/jackpot-raises-35-million-from-slew-of-famous-investors\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/76.jpeg\",\"datePublished\":\"2022-06-22T19:30:00+00:00\",\"dateModified\":\"2023-01-03T11:42:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Jackpot raises $35 million from impressive cast of investors.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/jackpot-raises-35-million-from-slew-of-famous-investors\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/jackpot-raises-35-million-from-slew-of-famous-investors\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/jackpot-raises-35-million-from-slew-of-famous-investors\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/76.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/76.jpeg\",\"width\":1920,\"height\":1080,\"caption\":\"Philadelphia 76ers stars James Harden and Joel Embiid. 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