MyPrize, the first-of-its-kind crypto casino platform that enables multiplayer gaming and streaming integration, announced at the end of last month that it has secured $13 million through two funding rounds. The fundraising elevates its total valuation to $140 million.
The valuation is calculated based on MyPrize’s fully diluted equity capitalization combined with the implied fully diluted value of the attached warrants.
Emerging from stealth with a multi-million dollar capital and unicorn valuation, the operator is ready to disrupt the iGaming industry. That’s especially true in Pennsylvania and New Jersey, where internet betting operators brought in over $180 million in gaming revenue in February alone, according to the Associated Press.
MyPrize rethinks the traditional single-player online gaming market by introducing a multiplayer aspect. This innovative approach is reshaping the online social casino industry, providing an immersive and community-oriented experience previously unattainable.
What we cover
Providing a More Integrated iGaming Experience with Crypto
MyPrize isn’t the first operator to discuss crypto casino gambling. About three years ago, DraftKings CEO Chuck Robbins wanted the sportsbook operator to accept cryptocurrency, but most state regulators were hesitant.
What makes MyPrize truly unique is its agile platform, designed to unify the traditionally disconnected online gaming and streaming worlds into one seamless experience. Players on the crypto platform can engage directly with their favorite creators and broader communities while gambling, which is a big flight from most existing online casinos.
The platform integrates with popular streaming networks like Twitch, Kick, and LivePeer, empowering content creators with enticing new avenues to monetize their influence.
Audiences at MyPrize can place the same bets alongside streamers, fostering a highly engaging, community-driven dynamic. In essence, MyPrize takes all the exciting features of single-player iGaming platforms and makes them multiplayer.
The First of Its Kind
Based in Miami, MyPrize has carved out a place in history as the first crypto casino firm to secure backing from Silicon Valley investors spanning technology, entertainment, and the cryptocurrency spheres. This crossover investment lends validation to the operator as the first to bring scale and credibility to the emerging online crypto gaming sector.
The startup’s initial $5 million seed round closed last October, followed by an $8 million second round completed just recently. Dragonfly and Boxcars Ventures, which helped the ETH Layer-2 tech Morph raise $19 million, led these two tranches.
MyPrize also saw capital injection from prominent funds and angel investors, including Mechanism Capital, Arrington Capital, and a16z Scout. The two seed rounds drew participation from 640 Oxford Ventures, 2 Punks Capital (Marc Andreessen, Alexis Ohanian, and Chris Dixon), Breed VC, JST Capital, Pudgy Penguins CEO Luca Netz, Blockchain.com Founder & CEO Peter Smith, Sei Labs Co-Founder Jeff Feng, and Jack Entertainment Co-Founder Steve Rosenthal.
With an initial valuation of $140 million, the company received capital from many other leading figures across crypto, gaming, and finance.
Rob Hadick, General Partner at Dragonfly, expressed great enthusiasm for the innovative platform MyPrize is introducing to the market. He saw the emerging potential of this sector, which is gradually becoming evident at the convergence of iGaming, cryptocurrency, and the content creator economy.
Mainstream Crypto Gambling Appeal
The surge in popularity of crypto casinos in recent years has undoubtedly sparked increased adoption and utility for Bitcoin, Ethereum, and other cryptocurrencies. However, many of these gambling sites remain unlicensed and unregulated compared to their established online counterparts like BetMGM, Caesars, and DraftKings, which are prohibited from accepting crypto payments when operating in the U.S.
MyPrize is positioning itself as one of the first institutionally backed crypto casino platforms. This helps bring a new level of credibility and robustness to the space. Its all-star founders and backers inspire confidence in MyPrize’s ability to institute industry-leading security and compliance measures lacking in many unregulated offshore books.
Much of the faith in the new operator stems from the extensive crypto experience and prestige of its co-founder, Zach Bruch. An early pioneer helping shape the institutional crypto markets, Bruch previously held leadership roles at top-tier trading desks like Kraken, Cumberland/DRW, and JST Capital.
Following that formative stint, Bruch built his own immensely profitable independent trading operation, becoming one of FTX’s biggest individual traders. His reputation and expertise were so revered that the U.S. Department of Justice hand-selected Bruch to sit on FTX’s nine-member creditor committee tasked with recovering lost user funds from the collapse.
Bruch and his co-founders Paul Martin, Max Bruch, and James Seibel have crystallized a powerful vision for MyPrize as the frontrunner of a new GambleFi ecosystem.
Coming Attraction
Today, MyPrize is kicking off an early access period, allowing visitors to sign up, refer friends, and earn “XP” reward points redeemable for a share of a $100,000 prize pool upon the platform’s full launch, expected sometime in Q2 2023.
Two separate platforms cater to U.S. (MyPrize.us) and international audiences (MyPrize.com), with the American site offering free-play social casino games while the global version is a real money crypto casino.
As MyPrize gears up for its highly-anticipated debut, the online gaming world is undoubtedly taking notice of this ambitious upstart. Its stratospheric pre-launch valuation and all-star fundingече already positioned MyPrize as the most valuable online crypto casino in its pre-release stage.
If MyPrize can live up to its promise of delivering unique multiplayer and streaming casino experiences, it may spark the “internet moment” Bruch believes the gambling industry has been desperately craving. Crypto gamblers and content creators are about to be given an entirely new way to integrate their passions like never before.
Wrapping Up
As MyPrize gears up for its highly-anticipated debut, the online gaming world is excited about this ambitious upstart. Its stratospheric $140 million pre-launch valuation and backing from an all-star consortium of investors have positioned MyPrize as the most valuable online crypto casino even before going live.
If the platform can deliver on its promise of pioneering multiplayer and streaming-integrated casino experiences, it may catalyze the internet moment co-founder Zach Bruch believes the gambling industry has been craving. Crypto enthusiasts and content creators alike are eagerly anticipating an entirely new way to merge their respective passions in a seamless environment.
