J.G. Wentworth Hopes to Hit Jackpot with Lotto/Gift Product
Consumers in New Mexico now can give friends and family a digital gift card that has the potential to be worth much more. Financial services provider J.G. Wentworth Co.’s new Give Some! Play Some! Gift Card combines a $20 virtual Visa gift card with a $5 scratch-off lottery ticket included as part of the purchase. The scratch-off ticket is printed on the card packaging, giving the gift recipient the opportunity to win up to $100. Win or lose, the recipient still gets the $20 gift card value, which can be activated and redeemed online. The New Mexico Lottery Authority is the first lottery administrator to launch the product, which is available now at more than 1,000 retail locations throughout the state.
The Give Some! Play Some! card should help generate additional revenue for the New Mexico lottery system, which funds state-sponsored scholarships, the Lottery Authority said. For Pay Award-winning J.G. Wentworth, adding a gifting component to lottery tickets is part of the company’s strategy of using payments “to energize somewhat dated categories,” said Sean Healey, J.G. Wentworth’s vice president of payment solutions, who oversees the company’s prepaid operations. The open-loop gifting and instant lottery ticket markets each are worth more than $30 billion in the U.S. alone, Healey noted.