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Jackpocket

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Tech company and app
Jackpocket Inc.
Company typeSubsidiary
IndustryLottery
Founded2013; 12 years ago (2013)
FounderPeter Sullivan
HeadquartersNew York City
Owner
Number of employees200+ (2022)
Websitewww.jackpocket.com

Jackpocket, Inc. is an American technology company headquartered in New York City which is a subsidiary of DraftKings. It produces an app for ordering lottery tickets in seventeen U.S. states, along with Washington, D.C. and Puerto Rico.

History

Jackpocket (a portmanteau of 'jackpot' and 'pocket') was founded in 2013 by Peter Sullivan to create an app for ordering lottery tickets.

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. Over 2024, fees rose from 10% of funded amount to 14%.

The physical tickets are scanned and accessible digitally via the app, and winnings under $600 are automatically redeemed into the user's account. 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.

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

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. To date, Jackpocket has raised $200 million and is valued at $620 million.

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.

On February 15, 2024, the company announced its sale to DraftKings for $750 million, a deal completed on May 23.

References

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

External links

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