According to Fortune, the crypto lottery platform Megapot announced the completion of a $5 million funding round led by Dragonfly, with participation from Coinbase Ventures, Bankless Ventures, and the founders of FanDuel, Betfair, and MyPrize. Built on the Ethereum Layer 2 network Base, Megapot settles prizes for global users using stablecoins. Users can purchase tickets for $1 each in over 150 countries worldwide, with draws held daily. The platform has already produced 19 major winners, with the highest single prize reaching approximately $200,000. Megapot launched its latest version on Tuesday, generating revenue through ticket processing fees. The funds raised in this round will be used to expand into additional international markets. Patrick Lung stated that traditional lotteries are its primary competitors, and Megapot offers higher jackpots and better odds. The platform is currently unavailable in around 30 countries, including the United States, the United Kingdom, and France, and the team currently consists of seven employees.
Crypto lottery platform Megapot secures $5 million in funding led by Dragonfly.
TechFlowShare
Summary
Project funding news broke Tuesday as the crypto lottery platform Megapot closed a $5 million round led by Dragonfly, with support from Coinbase Ventures, Bankless Ventures, and founders from major gaming and betting firms. Built on the Ethereum Layer 2 network Base, Megapot uses stablecoins for global prize settlements, enabling users in over 150 countries to purchase $1 tickets for daily draws. The platform has awarded 19 prizes, including a top payout of approximately $200,000. A new version launched this week, generating revenue through ticket fees. The funds will support expansion into additional countries. Patrick Lung said traditional lotteries are the main competition, with Megapot offering better odds and larger prize pools. The platform is currently unavailable in about 30 countries, including the U.S., U.K., and France. Operations are managed by teams of seven. While global crypto regulations remain fragmented, Megapot continues to scale in jurisdictions where permitted.
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