If you’re looking for an online lottery, Jackpot may have just the thing for you. This online lottery platform recently closed a $35 million Series A round with some of the world’s leading operators and investors. The company’s vision is to change the way people play the lottery in the United States. Through a mobile app or desktop experience, customers can purchase and play lottery tickets on the go. Here are some things to know about Jackpot.
The executive team behind Jackpot has extensive experience in the gaming, technology, and licensing industries. For example, the company’s North American leadership includes former StubHub CEO Akshay K. Khanna, who also headed up the sports & entertainment strategy team at Harris Blitzer. Its other leadership includes Roi More, co-founder of Gett, and Yariv Ron, a long-time investor in the real money gaming space.
While online lottery products have grown in popularity, Pennsylvania’s online lottery continues to be a small slice of the overall lottery pie. The state reported $84.7 million in net revenue in the latest fiscal year, an increase of 33.6% over the previous year. While online lottery sales are a small part of the PA Lottery’s total revenue, the online lottery is growing rapidly. Net revenue before operating expenses for traditional lottery offerings hit $1.33 billion in Pennsylvania’s last fiscal year, an increase of almost 10% from the previous fiscal year.
The largest jackpot won in the US lottery was $1.5 billion in January 2016. A Singaporean and an Iraqi man each won $1.5 million in the same game. However, the jackpot has not reached that high yet. They will likely have to wait for a few years before they win the lottery jackpot and claim their winnings. If you win, you’ll be faced with a tax bill on the amount you win. If you win, you’ll be glad you checked out the details of the lottery and the taxes you’ll have to pay.