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Jackpot gets $35M in new funding from who's who of sports investors

By Chris Smith
Jackpot North America CEO Akshay Khanna said new investors are already providing benefits to company outside of simply writing checksJackpot

Digital lottery platform Jackpot yesterday closed a $35M Series A funding round featuring some of the biggest names in sports business. The round was co-led by Accomplice and Courtside Ventures, with additional investments from Arctos Sports Partners, Elysian Park Ventures, Sapphire Sport, the Kraft Group, Haslam Sports Group, Fanatics CEO Michael Rubin, DraftKings CEO Jason Robins, Fenway Sports Group President Mike Gordon, MLB exec Theo Epstein, Red Sox President & CEO Sam Kennedy, 76ers G James Harden and C Joel Embiid, Hockey HOFer Martin Brodeur and rapper Lil Baby. It marks the first institutional funding round for the company. “Our investors, who they are and what they bring to the table, are unbelievable. Candidly, I’m biased, but I’ve never seen a cap table quite like this,” said Jackpot North America CEO Akshay Khanna, who joined the company last month. “Every one of these folks that we’re so privileged to have on our cap table has already provided some extraordinary benefit outside of simply the size of their checks, whether that’s introducing us to potential folks we want to hire, introducing us to potential board members, introducing us to folks that we want to partner with or helping us formulate and craft a strategy.” He declined to comment on whether the athlete investors would play a role in future Jackpot marketing.

STATESIDE STRATEGY: Jackpot is based in the U.K. and provides online access to lottery ticket sales internationally. Khanna said the newly raised capital will primarily be used to build out the foundation of the company’s launch in the U.S., including building out a staff and supporting operational, infrastructure and customer acquisition expenses. “I’m currently the only employee here in the U.S., but our plan is for the United States to be the vast majority of the overall business in the next two to five years,” said Khanna. “In order to accomplish that and achieve the goals that we have set internally, and what we envision this business becoming, we are going to have to hire an absolutely world-class team here in the U.S. So that is my number one priority.” Khanna was a member of the SBJ Forty Under 40 Class of 2020. He joined Jackpot from StubHub, where he was GM of North America, and before that served as VP/Strategy for Harris Blitzer Sports & Entertainment.

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