Jackpocket
{{Short description|Tech company and app}}
{{Infobox company
| name = Jackpocket Inc.
| logo = LogoJackpocket.png
| type = Subsidiary
| industry = Lottery
| founded = {{Start date and age|2013}}
| founder = Peter Sullivan
| hq_location_city = New York City
| num_employees = 200+ (2022)
| owner = {{ubl|DraftKings|{{smaller|(2024–present)}}}}
| homepage = {{URL|www.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.{{Cite web |last=Yakowicz |first=Will |date=2022-06-17 |title=Meet Jackpocket, The Mobile App Winning Big In The $83 Billion U.S. Lottery Market |url=https://www.forbes.com/sites/willyakowicz/2022/06/17/meet-jackpocket-the-mobile-app-winning-big-in-the-83-billion-us-lottery-market/ |access-date=2022-09-08 |website=Forbes |language=en}}{{cite web|title=Jackpocket|url=https://www.jackpocket.com/|access-date=2023-01-16}}
History
Jackpocket (a portmanteau of 'jackpot' and 'pocket') was founded in 2013 by Peter Sullivan to create an app for ordering lottery tickets.{{Cite web |date=2015-09-30 |title="Jackpocket" app aims to modernize - and monitor - lottery purchases |url=https://www.cbsnews.com/news/jackpocket-app-purchase-lottery-tickets-without-waiting-on-line/ |access-date=2022-09-08 |website=CBS News |language=en-US}}
The company operates as a lottery courier service; users can order lottery tickets through the [https://jackpocket.com/ 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.{{Cite web |last=Klein |first=Melissa |date=2019-05-18 |title=New gambling app will buy lottery tickets for you |url=https://nypost.com/2019/05/18/newly-legalized-jackpocket-app-buys-lottery-tickets-for-you/ |access-date=2022-09-08 |website=New York Post |language=en-US}}{{Cite news |last=Glickman |first=Ben |title=DraftKings to Buy Jackpocket for $750 Million |url=https://www.wsj.com/business/media/draftkings-to-buy-jackpocket-for-750-million-e092068d |access-date=2024-02-16 |work=WSJ |language=en-US}} 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.{{Cite web |last=Karlin |first=Rick |date=2021-01-26 |title=New York approves app that will deliver your lottery tickets |url=https://www.timesunion.com/news/article/New-York-approves-app-that-will-deliver-your-15899550.php |access-date=2022-09-08 |website=Times Union |language=en-US}}{{Cite web |last=Marcus |first=Samantha |date=2019-12-12 |title=You can get N.J. lottery tickets, prizes delivered to your phone with new service |url=https://www.nj.com/politics/2019/12/you-can-get-nj-lottery-tickets-prizes-delivered-to-your-phone-with-new-service.html |access-date=2022-09-08 |website=NJ.com |language=en}}
In October 2021, a New Jersey Lottery player won a $9.4 million jackpot on a Pick-6 ticket ordered via the Jackpocket app.{{Cite web |last=Goldman |first=Jeff |date=2021-10-22 |title=$9.4 million Pick 6 lottery ticket sold with Jackpocket app |url=https://www.nj.com/lottery/2021/10/94-million-pick-6-lottery-ticket-sold-with-jackpocket-app.html |access-date=2024-02-16 |website=nj |language=en}}
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.{{Cite web |last=DiFurio |first=Dom |date=2021-11-09 |title=Mark Cuban backs rapidly growing Texas Lottery app Jackpocket in $120 million funding round |url=https://www.dallasnews.com/business/technology/2021/11/09/mark-cuban-backs-rapidly-growing-texas-lottery-app-jackpocket-in-120-million-funding-round/ |access-date=2022-09-08 |website=Dallas Morning News |language=en}} Up to that point Jackpocket had raised $200 million and was valued at $620 million.{{Cite web |last=Goldman |first=Jeff |date=2021-10-22 |title=$9.4 million Pick 6 lottery ticket sold with Jackpocket app |url=https://www.nj.com/lottery/2021/10/94-million-pick-6-lottery-ticket-sold-with-jackpocket-app.html |access-date=2022-09-08 |website=NJ.com |language=en}}
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.{{cite web |date=8 December 2022 |title=Jackpocket Gets On The Ice With Dallas Stars Deal |url=https://www.playusa.com/lottery-app-dallas-sponsor-jackpocket-stars/ |language=en}}
On February 15, 2024, the company announced its sale to DraftKings for $750 million, a deal completed on May 23.{{Cite web|url=https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-completes-acquisition-jackpocket|title=DraftKings Completes Acquisition of Jackpocket|work=DraftKings|date=2024-05-23|access-date=2024-06-11|language=en-US}}
References
{{reflist}}
External links
- [https://www.jackpocket.com/ Official website]
Category:Companies based in New York City