Jackpocket has raised $120 million in a Series D funding round, which the company says it plans to use to expand from its core business of lottery ticket sales into a wider array of mobile gaming and to take its business to more markets both inside and out of the United States.

"Mobile gaming and lottery is experiencing an exciting and unprecedented level of growth and expansion," said Harley Miller, Founder and Managing Partner at Left Lane Capital. At Left Lane, it's clear to us that Jackpocket is spearheading this progress and innovating at a pace never seen before in this industry. We were invigorated by the opportunity to take part in this historic moment and look forward to supporting Jackpocket's role in this landscape." 

Jackpocket is part lottery ticket storefront, but also part virtualizer of the whole lottery experience. At the back end, Jackpocket is doing the actual ticket purchasing on the player's behalf, using proprietary software that is built to take "scans" of each ticket that the player orders. Players can see the ticket, which is watermarked by Jackpocket to keep it unique and authentic. As with all kinds of other real-money online gaming, Jackpocket is built with various levers so that it complies with different regulations around age and geographical location (you have to physically be located in a state where Jackpocket operates to place an order). This includes using GPS technology to identify users' locations but also checks to determine whether people are using VPNs, or are tied to computers via other applications. Players also need to upload identification to verify themselves and their ages.

The company has also made a play for being a more "responsible" player in the gambling world. It monitors user spending and it sets an initial cap of $100 per day, or whatever limit under that amount they choose to set. Its business model is based on taking a 9% fee on any amounts deposited by the customer. That means, if you put money into the app to buy tickets, you're charged 9%, but if you use your winnings to play, you do not. Nor are you charged to withdraw money.

(All information was provided by TechCrunch)