Jackpot, which aims to modernize the lottery business, has raised money from a number of top sports executives and NBA stars James Hardin and Joel Embiid.
CEO Jason Robins; and Boston Red Sox president Sam Kennedy. NBA superstars James Hardin and Joel Embiid and NHL great Martin Brodeur round out some of the big name investors.
The $100 billion-a-year lottery business is still mostly cash-based, with buyers getting tickets at bodegas, convenience stores, gas stations and other locations. "Over a dozen states have been incredibly receptive to this because they've realized that this is actually a fundamentally different channel for the same product," said Khanna.
"We certainly think this will appeal to a potentially younger and more diverse demographic," Khanna said. "It's one of the reasons why states that are supportive of this model, because one of the goals here is to expand this product to people who maybe traditionally would not have been those that purchase lottery tickets.", warn that making access to buy lottery tickets easier could present a slippery slope for at-risk individuals.
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