On today’s episode I sit down with Peter Sullivan, the Founder and CEO of Jackpocket. Jackpocket is digitizing the lottery - allowing everyone to play the lottery from their phone.
Peter shares his epic entrepreneurial tale that I think will one day become startup folklore. He persevered through an extremely long development cycle - during which he put it all on the line - only to emerge with a company that is going to be a unicorn.
I am an investor in Jackpocket so I’ve had the opportunity to watch this journey first hand. I think this is going to be one for the ages.
The lottery industry is GIGANTIC and states heavily rely on the revenue generated from lottery ticket sales. Roughly 30-40% of every lottery ticket sold goes to state programs, such as education, job creation, veteran care, and outdoor recreation and preservation.
As you might suspect, this means dealing with a TON of governmental red tape, which is both a challenge and a great way to create a competitive barrier.
During our chat, Peter shares mind blowing stats about the lottery, teaches us how to think about partnering with governments, details his crazy entrepreneurial journey and much more.
Follow us on Twitter: @pjsullivan3 / @Jackpocket / @mpd
Show Notes: Jackpocket, Jackpocket Commercial
Podcast Links: Website, YouTube, Twitter, Facebook, LinkedIn