Jackpot.com has secured a $10m revolving credit facility with Discerning Capital to support its nationwide expansion and strengthen its position in the digital lottery marketplace.
The financing arrangement was announced yesterday (29 January) by the San Francisco-based online lottery courier service, which operates in seven US states.
The revolving credit facility is provided by House Advantage Fund, the specialised user acquisition financing strategy offered by Las Vegas-based growth capital investment firm Discerning Capital, and PvX Capital, a Singapore-based financial services firm specialising in user acquisition financing for consumer applications.
With access to dedicated user acquisition capital, Jackpot.com plans to accelerate growth in existing markets and continue expanding into new states.
Akshay Khanna, co-founder and CEO of Jackpot.com, said: “We were impressed by HAF’s flexibility and willingness to collaborate with us to design a financing solution tailored to our needs.
“Real-time insights from PvX’s custom-built platform, combined with Discerning’s ability to structure a flexible solution that supports our acquisition strategy were critical factors in our decision.
“We look forward to partnering and growing with them as we continue to rapidly scale the business.”
Jackpot.com expansion plans
David Williams, partner at Discerning Capital, added: “The lottery sector represents a massive, yet under-digitised market within gaming, and companies like Jackpot.com are leading the charge in bringing this century-old industry into the mobile age.
“Traditional financing approaches often fall short for businesses navigating complex regulatory landscapes while pursuing aggressive growth.
“Jackpot.com was the perfect partner for us as we understand their business, its peaks around billion-dollar jackpots, and we have continued to be impressed by their team.”
Currently available in New York, New Jersey, Ohio, Massachusetts, Arizona, Colorado and Arkansas, Jackpot.com is expanding its lottery courier service to additional markets across the US.
Customers in Ohio, Massachusetts, Colorado and Arizona can also order scratch offs through the platform.
In 2022, Jackpot.com announced a $35m Series A funding round, which was later extended to $42m, attracting investments from prominent names including the Kraft Group, Michael Rubin, Haslam Sports Group, and DraftKings co-founder Jason Robins.
