‘Gambling has not had its internet moment’: Crypto casino MyPrize valued at $140 million after latest raise

“Gambling has not had its internet moment,” Zach Bruch, founder and CEO of MyPrize, told Fortune. “It’s a trillion-dollar market, but if you look at how much of that actually sits online, it’s under $100 billion.”

Valued at $140 million, MyPrize also saw investments from Mechanism Capital, Arrington Capital, and a16z Scout. The company’s $5 million seed round closed in October, with an $8 million Series A found closing in recent weeks.

Today’s online gaming landscape is characterized by isolated projects—some sites offer casinos, while others provide streaming capabilities for creators, Bruch says. But MyPrize wants to give players a unified open platform that combines the best of online gaming and streaming, according to a statement. A single, holistic platform introduces new ways for players to collaborate while gaming.

Bruch has been in the crypto space since 2010, previously holding leadership roles at trading desks at Kraken, Cumberland/DRW, and JST Capital. In recent years, he’s also seen some of the stigmas around both crypto and gambling begin to dissipate, and now he wants to merge the two: “We’ve brought real venture capital into this space for the first time.

While MyPrize is a centralized company, some of the money raised is being used to develop a native token for players to gamble with, while building a broader GambleFi ecosystem. The platform is expected to launch in the fourth quarter.

Compared to preexisting online casinos, MyPrize will be an immersive and community-driven experience “that’s really never been possible before,” says Bruch. The company has created a feature called “Bet Together” that allows audiences and gambling creator to participate in the same bet, evolving beyond merely single-player experiences.

“You’re sitting there alone, and you’re pulling the slot alone,” he says. “We’ve made it parasocial by creating the ability for you to bet with your friends in the community, as well as with your favorite creator.”

“We are excited about the growth and potential of this category,” Rob Hadick, a general partner at Dragonfly Capital, said in a statement, “and the product-market fit we see MyPrize having at the intersection of gaming, crypto, and the creator economy.”