Arctos, Kraft, and Rubin Lead $35 Million Charity Fundraising Effort
In a significant move, online lottery platform Jackpot has secured $35 million in Series A funding, marking a major step towards its entry into the US market later this year.
The funding round was co-led by Courtside Ventures and Accomplice, with notable investors including Fanatics CEO Michael Rubin, DraftKings CEO Jason Robins, Elysian Park Ventures (backed by the owners of the Los Angeles Dodgers), Arctos Sports Partners (PE firm with equity stakes across multiple sports leagues), Haslam Sports Group (owners of the Cleveland Browns and the Columbus Crew), The Kraft Group (owners of the New England Patriots), Sapphire Sport, Fenway Sports Group president Mike Gordon, Boston Red Sox president and CEO Sam Kennedy, NBA players James Harden and Joel Embiid, former NHL player Martin Brodeur, and rapper Lil Baby.
Accomplice, the early investor in DraftKings, is also part of Jackpot's investor lineup.
Jackpot's new CEO for North American operations, Akshay Khanna, previously held a leadership role at StubHub, and describes the service as "Uber Eats for lottery tickets".
The online lottery market is experiencing a surge in competition as companies vie for a share of the $100 billion US lottery market, currently conducted primarily via physical stores. Sports leagues and teams are expected to play a significant role in the marketing of online lottery platforms, as has been the case with gambling and cryptocurrency platforms in recent years.
With the growing opportunity in the industry, a rush of companies is entering the online lottery market. Jackpot's competitor, also named Jackpot, has already secured partnerships with sports teams, most recently with MLB's Colorado Rockies.
While details about the major investors in Jackpot and their sports connections are not explicitly mentioned in the search results, further investigation may reveal these connections through official company disclosures, press releases, or news articles specifically about Jackpot's ownership and investment.
As Jackpot prepares to launch in the US, it aims to revolutionise the way Americans purchase lottery tickets, offering a convenient, digital solution to the traditional method.
- The technology-driven online lottery platform, Jackpot, seeks to disrupt the sports industry by introducing sports betting transactions, aiming to appeal to sports enthusiasts across America.
- With the influx of Series A funding from notable sports-related investors such as Fanatics CEO Michael Rubin, DraftKings CEO Jason Robins, and the Los Angeles Dodgers-backed Elysian Park Ventures, Jackpot aims to leverage technology to revolutionize sports-related transactions within the lottery market.
