MyPrize is poised for continued growth after closing a funding round valuing the free-to-play online casino platform at $250 million.
The multiplayer-focused social casino company completed a $21 million strategic funding round from existing investors and family offices to accelerate growth and support its technology platform. MyPrize is receiving a fresh injection of capital amid the growing popularity and new revenue opportunities in online casino and social gaming.
“What we were noticing over the past couple of years is that speculation is at the forefront of entertainment,” MyPrize CEO Zach Bruch told SBC Americas. “What we recognize is, if we can build an online gaming business, it’s not just a gaming business, it’s actually the future of entertainment and the future of social.”
MyPrize’s latest funding round was led by Boxcars Ventures and crypto investment fund Dragonfly. Since its launch in 2024, MyPrize has raised roughly $38 million.
Last year, MyPrize had a $140 million valuation after closing two funding rounds.
“It’s great to have the support of great venture capital firms and investors,” said Bruch. “It shows a lot of belief, not only in our business, but in the industry as a whole.”
MyPrize is aiming to take advantage of a gaming industry that has seen U.S. consumers spend more than $40 billion on social casino games over the last decade, according to a fact sheet provided in 2024 by the Social & Promotional Games Association (SPGA).
MyPrize wants to create community through social gaming as it scales.
“Our multiplayer is a huge differentiator because it helps create community, which for us, helps deliver a fun experience with your friends online,” continued Bruch.
MyPrize CEO has leadership experience in tech
Bruch plans to leverage his experience as a tech entrepreneur to expand MyPrize’s reach. He founded Symplenish, a delivery service, in 2012 before holding other roles in tech and crypto at Kraken, BRUPO, DRW, JST Capital and RECUR.
“We come from a background where we know how to grow and scale a business and do so in a very methodical way, and we know how to deliver a best-in-class product,” said Bruch.
Bruch is also an individual FTX creditor who is attempting to recoup lost customer funds after the crypto exchange’s founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers. Bankman-Fried was also ordered to repay $11 billion.
Online social casinos face backlash
The social casino sector is receiving pushback from regulators, players and key stakeholders despite being a promising opportunity for operators and brands.
Indian Gaming Association Conference Chair Victor Rocha has been hosting discussions on social casinos due to concerns from tribes over regulation and revenue.
Earlier this year, High 5 Games was ordered to pay $24.9 million in damages to players by a Washington state jury for operating its social casino platform in the state. The ruling determined that High 5 offered online gambling, a violation of Washington law. The class action suit was centered around High 5’s digital tokens that are purchased by customers.
Stake.us is facing a lawsuit in California for allegedly operating an illegal gambling website. The suit, filed by a former gambling addict who lost money with Stake.us, alleges the site of falsely marketing its product as free gaming but provides real-money wagering.
MyPrize is ensuring it adheres to regulatory standards and best practices.
“We spent the entire first year building best-in-class technology, but we also spent the first year building the best-in-class foundation of compliance,” added Bruch.
