Some things you can’t predict. That’s why Jared James looks to data to get a jump on the competition.
James founded LottoEdge, a data analytics company that gives users usable data to understand their lottery chances and make better predictive decisions.
“What that really means is we go out and we source data about every scratch-off, every game, every prize, and we do that every single day,” James told Charlotte Inno.
The data in question is public record and readily available from lottery ticket manufacturers. Once LottoEdge has that information, it begins the process of analyzing and extrapolating the data, ultimately breaking it down so that it's easier for a consumer to understand and interpret — think insights around the games themselves and the odds of success.
"This is real odds information. What you choose to do with that odds info is up to you."
“It still takes a good bit of luck to win, but we just want to give users more information than they knew even existed with the lottery," he explained.
James should know, as he played scratch-offs religiously with his step-dad when he was younger. Since then, he'd always buy a few whenever he got the chance.
Upon reading an article that said some states were still selling tickets when all the top prizes were gone, James started thinking. The move, he thought, was terrible and unfair. Consumers had no idea they were paying to play a game that they no longer could win. With his years of experience with scratch-offs and a background in finance, he decided that he had the skills and drive to create a better way to play.
The result was LottoEdge, a subscription-based service that officially debuted August (and won one of Charlotte's 2019 Inno on Fire awards in November). Users have the option to access its data insights through a free and paid service.
The free option, which James said is great for beginners, summarizes all the games in North Carolina, and subscribers can see which has the best overall odds. Conversely, the paid service is geared toward seasoned scratch-off players and provides more detailed, data-fuel information around certain games and prizes. Customers have the choice to subscribe monthly or annually.
James said there are several factors that go into the data analytics available to users, such as the amount of tickets in circulation and if the top prizes have been won yet. Depending on the scratch off ticket type and the money amount players are looking to win, there are different choices they can make — and LottoEdge gives you the tools and information to make those choices.
What it doesn't provide is a guaranteed win. James said that the data provided by LottoEdge aims to help users make informed decisions; it's not a get rich scheme.
"This is real odds information," James said. "What you choose to do with that odds info is up to you."
Since its summertime launch, the bootstrapped company has resonated with consumers across its user base in North Carolina and New Jersey, so much so that James is looking to expand into other states.
“We’ve had such a great reception,” James said. “Not just from the media, but from users discovering that this exists. They never knew anything like this existed before."
