Jackpot.com, a prominent lottery courier service, has acquired additional funding to enhance its US expansion efforts. Currently active in seven states, the company plans to extend its reach into more regions.
Jackpot.com announced the acquisition of a $10 million revolving credit facility. This facility was provided by Discerning Capital’s House Advantage Fund and PvX Capital, a financial services expert in Singapore.
The funding will enable Jackpot.com to further its ambitions and support its growth in the US, focusing on expanding in existing markets and launching in new states.
Presently, Jackpot.com’s services are available in Arizona, Arkansas, Colorado, Massachusetts, New Jersey, New York, and Ohio, with scratch-off tickets offered in Colorado, Massachusetts, and Ohio.
Jackpot.com’s co-founder and CEO, Akshay Khanna, commended the funding, highlighting House Advantage Fund’s cooperation and flexibility as “impressive.” Khanna noted the fund’s collaboration with Jackpot.com to create a financial solution tailored to their needs.
The real-time insights from PvX’s platform, coupled with Discerning’s flexible solution to support Jackpot.com’s acquisition strategy, were critical factors in their decision, Khanna said.
David Williams, a partner at Discerning Capital, expressed satisfaction with the partnership, emphasizing the significant opportunities in the lottery sector and praising Jackpot.com as a modernizing force in the industry.
Williams stated that Jackpot.com was an ideal partner, acknowledging the team’s competence and understanding of the business’s dynamics, particularly during billion-dollar jackpots.
Despite the agreement, some states remain skeptical of lottery couriers. While customers appreciate the convenience, some lawmakers question their legality. In Texas, the popularity of lottery couriers led to a scandal, resulting in the prohibition of these services and the dissolution of the Texas Lottery Commission.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: SCCGManagement.com