Your upcoming Powerball loss is DraftKings’ gain
As the Powerball jackpot has stretched to $1.8 billion, users are flooding into DraftKings’ Jackpocket lottery app.
Saturday will mark Powerball’s 42nd drawing since the last time someone hit the jackpot. The prize has ballooned to $1.8 billion, sending would-be winners rushing to scoop up tickets.
There will be an immense number of losers, but one surefire winner: DraftKings.
The gambling company, which owns the lottery courier app Jackpocket, told CNBC that ticket sales on its app have surged in the recent frenzy. DraftKings said Jackpocket’s sales skyrocketed 200% on Wednesday from the week prior, and then another 130% on Thursday.
Rules vary by location, but the app charges a service fee of about 14% when you deposit funds or purchase a ticket using the app. It’s available in 16 states.
The gambling giant told CNBC that 15 million Powerball tickets have been purchased on the app during the current Powerball run. Back-of-the-napkin math would put Jackpocket’s take at a few million, nothing eye-watering, but that jump in the app store may open it up to new users who could become habitual users.
When DraftKings announced its acquisition of the app in February 2024, it said it expected the deal to drive between $260 million and $340 million of revenue by fiscal year 2026, and between $350 million and $450 million by fiscal year 2028.
