The U.S. lottery market represents over $100B in annual spend, but traditional state-run lottery operators are struggling to evolve. Legacy systems and outdated content have made it difficult for lotteries to appeal to younger audiences, who increasingly opt for modern, interactive entertainment like video games or sports betting. 

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As consumer behavior moves online, lotteries are beginning to adapt, expanding into iLottery offerings to stay relevant. Since 2019, iLottery sales have grown over 6x, surpassing $13B in 2025 alone. This digital shift presents a massive opportunity for gaming studios to bring higher-quality, more engaging content to the lottery experience.

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Meanwhile, game developers are hungry to tap into new revenue streams and have the creativity and technical capabilities to deliver high-quality content at scale. Despite this, legacy gaming vendors gatekeep access to these state-run lotteries, making it challenging for new players to enter the market. 

EQL’s Approach

Enter EQL Games, the connective layer between next-generation game studios and lottery systems seeking to engage an increasingly digital consumer base. As the first true aggregator in the iLottery space, EQL simplifies the complex process of working with state-run lotteries, handling everything from game delivery to ongoing support. This makes it easy for lotteries to launch high-quality, interactive content like digital scratchers and puzzle games without adding operational burden.

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With a global catalog of studio-built games, custom development capabilities, and 20+ third-party studios ready to go, EQL helps lotteries scale content quickly and efficiently. The Company debuted industry-first formats like tapper games, gravity-style mechanics, and Miner Jack, the first puzzle-based title. 

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In addition to aggregating third-party content, EQL builds original games and manages licensed IP for organizations like Team USA and U.S. Soccer, helping lotteries launch faster and capture the attention of modern players.

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EQL’s true insight goes beyond content. In a relationship and reputation-driven industry, founder Brad Cummings has consistently outmaneuvered larger incumbents to win marquee contracts, enabling state lotteries to rapidly launch engaging, compliant games without the long lead times and limitations of legacy systems. The company already has a strong foothold in the U.S., powering games for the Michigan, Virginia, and Washington D.C. lotteries, and is in active discussions with several additional states.

Internationally, EQL plays a pivotal role for lotteries in the United Arab Emirates and Peru. Over the next year, it plans to launch dozens of new games and expand into Europe, further solidifying its position as a global leader in digital lottery infrastructure.

Our Partnership with EQL

"Lottery is one of the most widely played games in the world, yet it's been historically underserved when it comes to innovation," says Paul Martino, General Partner at Bullpen Capital. "EQL Games is bringing modern infrastructure and content to a massive, regulated market—and doing so with a deep understanding of what government partners and players want. We believe they're positioned to be the backbone of digital lottery."

“This investment from Bullpen Capital is a major validation of our mission,” said Brad Cummings, CEO of EQL Games. “We’re excited to have a partner who’s been at the vanguard of regulated markets and gaming. With Bullpen’s help, we’re going to help lotteries with innovation and growth, especially on the digital side of the business.”  

If you are interested in learning more about EQL, please visit the company website. 

About Bullpen: At Bullpen, we've built our reputation by backing post-seed startups that others tend to overlook — whether it's because they're in an unfashionable sector, based outside the usual hubs, or led by founders outside the traditional networks. If you’d like to chat, please reach out to investment-team@bullpencap.com.