Jackpot Rising secures $3 million in venture funding
Jackpot Rising, a well-named Dallas, Texas start-up that provides progressive jackpot technology to real-money skill game developers, has secured $3 million in venture funding from an undisclosed investor.
Founder and CEO William Webb (28) said this week that his company offers technology which enables developers to plug the software into their products, explaining that it collects players' attempt fees and puts part of these into a jackpot of money that players can win. A portion of the attempt fees also goes to Jackpot Rising and to the game developer.
Game developers can set the fee, duration of time that the jackpot grows and number of winners who receive pay-outs. For example, winnings could go to the top 25 players or be set for "winner-take-all."
The package from Jackpot Rising includes player identity verification and bank and PayPal connectivity, along with a variety of state tax deduction options.
Webb told local media outlets that his product exploits current trends in the online gaming world, especially mobile games where the millennial demographic are constantly looking for new vehicles on which they can compete for cash prizes in skill games, or in fantasy sports competitions.
"Millennials aren't going to Vegas and pulling levers of slot machines anymore," he said.
Webb says he plans to use the $3 million new investment to enhance his platform, apply for patents and expand the company's office space.
He plans to launch an app in the autumn to complement his platform by providing a one-stop shop for games that use Jackpot Rising… and he has ambitions to extend the scope of his platform to handle golf and racing activity.
Online Casino News Courtesy of Infopowa
