MyPrize reported it had concluded a round of funding to value the company at $250 million, and declared itself as the “fastest growing gaming business in the United States”.
The company announced it had completed a $21 million round of funding, taking its total raised to $38 million. The round includes participation from prior lead investors Dragonfly and Boxcars Ventures.
“MyPrize has transformed online entertainment for both players and creators, and the momentum we’re seeing is just the beginning,” said MyPrize Founder & CEO, Zach Bruch.
Users Embracing New Frontier Of Online Gaming
Bruch went on to add, “The growth we are seeing at MyPrize proves that social gaming has fully arrived to the US market and there is massive demand for a more engaging, creator-driven approach to online gaming. The nature of entertainment has fundamentally changed with speculation taking center stage.
“As users embrace this new frontier, MyPrize is ushering in the golden age of online entertainment, powered by our proprietary AI retention and engagement platform and best-in-class player and creator experience.”
MyPrize was founded by Bruch in 2023 and launched in 2024, offering a free-to-play social online casino integrating multiplayer gaming experiences, allowing users to play together with creators, streamers, and friends.
Investment To Fuel Growth Despite Legal Scrutiny
The round of investment, Bruch says, “will unlock the next phase of our exponential growth curve and open the MyPrize platform to thousands of new creators, celebrities, and all-new markets globally.”
The company said it is “on track to achieve a set of monumental milestones for a technology company, surpassing $100M+ in annual revenue while simultaneously reaching profitability by the end of the year.”
This comes despite a crackdown on sweepstakes operators in multiple states across the country. MyPrize recently withdrew from New Jersey, following fellow operator VGW, which announced its withdrawal from the state this week.
MyPrize.us is also not available in Hawaii, Idaho, Michigan, Montana, Nevada, New York, and Washington, as more states pass legislation targeting the dual-currency model employed by the platform.
Platform Combines Gaming and Livestreaming As Industry Booms
The company noted that it “gives players and fans what they have been desperately craving, an all-in-one open platform that combines the best of both online gaming and livestreaming”.
This comes at a time when livestreaming and online gaming are thriving. A Stream Hatchet report released this week noted that online gaming viewing was over 9 billion hours for the second quarter of this year, the highest figure seen since 2021.
Sweepstakes casinos generated approximately $5.6 billion in gross revenue in 2024—a roughly 30% year-over-year increase from 2023, and growth is set to continue this year.
Some predictions suggest revenue this year will be around $6.9 billion, with more bullish forecasts estimating as much as $10 billion.
