In 2021, gamblers will spend $98 billion on lottery tickets, according to the North American Association of State and Provincial Lotteries. While sports betting grabs all the headlines, state lotteries are the cash cow of the gambling industry. To date, Jackpocket has raised over $200 million in funding from billionaire Mark Cuban, convenience store chain Circle K, and celebrities such as comedians Kevin Hart and Whitney Cummings at a $620 million valuation. With wins over $600, the Company will mail physical tickets for the player to cash in.)

(For anyone who wins less than $600, the Company will deposit the money directly into the account.

The app is geofenced so gamblers cannot purchase lottery tickets from outside the state. Instead of going to a convenience store to buy a ticket, a player can open the app, pick their number (or let the computer pick it) and Jackpocket will buy it for them. Technically speaking, Jackpocket is a licensed lottery courier service, which means it is legally allowed to buy lottery tickets on behalf of others and store them until the drawing. “Now we can process one million tickets a day.” “In the beginning, it was me and Pete buying tickets at the bodega,” Parker says. Employees then feed the ticket into the high-speed scanner and within seconds, the gambler who bought the $2 dream of getting rich quick with a few taps on the phone can see the scanned image of the ticket in the Jackpocket app.Įric Parker, 37, who cofounded Jackpocket with CEO Pete Sullivan in 2013, says that when he started the company in a WeWork space in SoHo, he would go three times a day for customers to buy lottery tickets and take photos of each. Barcode scanners beep every second, indicating that a customer has just purchased a Powerball, Mega Millions or another lottery ticket in the Garden State. At Jackpocket’s operations center in West Milford, a town known for its iron ore mines and waterfront homes 40 miles from Manhattan, dozens of lottery terminals sit at long tables spitting out more than 100,000 tickets a day.

Jackpocket company