Jackpot.com has secured $42m in funding to take its online lottery ticket platform live in Texas.
Following a Series A funding round completed last June, Jackpot.com has received a further $7m from investors including the Dallas Cowboys, New York Yankees, Aurum Partners, the Tisch family, Detroit Venture Partners and Bettor Capital.
The platform offers users the opportunity to buy state lottery tickets on mobile devices as well as access to tickets for Mega Millions, Powerball, Lotto Texas and Texas Two Step.
Jackpot.com CEO and co-founder Akshay K. Khanna said: “More than half of Americans buy lottery tickets each year, but only a fraction are bought online – including in Texas, the country’s third-largest lottery market.
“During my time at StubHub, I saw first-hand how impactful digitization can be to expanding access and growing industry. With Jackpot.com, we’re modernizing America’s favorite game by enhancing the player experience, expanding accessibility, and offering safety guardrails that set a new standard for responsible gaming – all while ensuring players never miss a draw or misplace their tickets again.
“Texans embrace innovation, and we know people across the Lone Star State will embrace Jackpot.com’s modern way to play.”
As well as receiving investment from an array of sports franchises and franchise wonders, Jackpot will also benefit from exclusive marketing partnerships with local franchises Dallas Cowboys, Houston Rockets and San Antonio Spurs, in which the firm’s logo will be featured across the stadia.
Dallas Cowboys Executive Vice President Chad Estis said: “Texans love to play and love to win, which is why the Dallas Cowboys are excited to partner with Jackpot.com to bring our fans a new way to buy lottery tickets conveniently, safely, and responsibly.”
Last year the Texas Lottery reported $8bn in sales, showing its popularity with players across the state.
However, currently, the lottery is the only form of legalized gambling in texas and, with sports betting on the legislative agenda in the state for 2023, lottery may have competition for players in the years to come.
Houston Rockets President of Business Operations Gretchen Sheirr said: “The Rockets organization is always looking to change the game through innovation – both on and off the court – and is proud to partner with Jackpot.com as they usher in a convenient and exciting way for our fans to play the lotteries online here in Texas.”