Jackpot Rising, is a Dallas startup founded by William Webb, who grew up in University Park and graduated from SMU. His previous work was in private equity, before launching Jackpot Rising.
Recently, the startup gained $3 million in funding from a Dallas venture firm that wished to remain private. Webb said they will use the funding to improve the platform, apply for patents, and expand the company. They wish to have their office in the Design District, an area of Dallas with a vibrant community, and a “live, work, play” lifestyle.
Jackpot Rising allows users to compete in online games and contests for real money. Game developers to use their platform to plug in their games.
To play any of the games or contests, players must firvst create an account with their personal information. After creation, Webb explained that they verify the information given, including full name, address, number, and the last four digits of their Social Security number. Once verified, players can choose to play or enter various games and contests available. Part of the attempt fee goes into a jackpot players can win, another to Jackpot Rising, and then to the game developer.
Each game or contest is customized by its’ game developer. They can set the fee to play, time duration that the jackpot grows, and who receives the payout. For instance, some games set a “Top 25” winners, and others work a jackpot where one “winner takes all”. For the winners, they can receive their earnings through check or PayPal. Webb noted that state tax is automatically deducted, should the amount trigger the tax.
Webb said Jackpot Rising capitalizes on current trends in the online gaming world, such as the mobile game of Candy Crush. He believes that young players want new ways to compete for cash.
“Millennials aren’t going to Vegas and pulling levers of slot machines anymore,” he said.
In the fall, they plan to launch an app that will be a one-stop shop for all Jackpot Rising games. For the future, Webb said he’d like to expand their platform to real life games, such as golfing and go-cart races.