It is estimated that nearly 50% of Americans will buy a lottery ticket in a given year.Īnd lottery jackpots have only gotten bigger, adding to the excitement and the industry’s growth.
Today it is big business for most states, which protect their tax-generating institutions with a fortress of legislation, regulation, and bureaucracy. Later, the Roman Empire had its own lottery games. The earliest known lottery was in China during the Han dynasty, which is said to have helped fund the Great Wall. The modern-day lottery started in New Hampshire in the 1960s, but humans have been playing similar games throughout history-America’s 13 colonies were funded, in part, by lottery revenue. “It makes playing the lottery easier and more fun.” Mark Cuban, the billionaire owner of the Dallas Mavericks and one of the stars of Shark Tank, says he invested in Jackpocket for two reasons: “It's a very simple business,” Cuban wrote in an email to Forbes. Currently, the best estimates are that Jackpocket and the other mobile lottery courier apps have captured between 2% to 3% of the national lottery market, meaning there is nothing but upside. With $100 billion market at stake, Jackpocket, which is live in 15 states, is not alone in seeing the enormous potential of lotteries. The lottery is so mass market that it's grown to be the sleeping giant.” What people don’t understand is how huge the lottery is-it's America’s secret. “America is in love with sports and sports betting is a sexy sell to investors. “This has been the story of my life for 10 years,” says Sullivan, also 37. The real opportunity, a $100 billion opportunity, is expanding and modernizing the lottery for a younger, tech savvy gambler, says Sullivan. The gaming industry is focused on expanding sports betting, which is currently legal in 36 states, but DraftKings, FanDuel, Caesars, Wynn, and others are fighting over table scraps. “It's a very simple business,” Mark Cuban says of his investment in Jackpocket.
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