SBC News Voice of the Sports Betting Industry
Casino social games developer, Playstudios announced that it had raised $20 million in its latest round of venture financing, as the social gambling start-up looks to establish itself as a leader in the social gambling market.
The social casino games studio confirmed that it had reached its target of $20 million funding, with the majority of the sum being contributed by Palo alto venture capitalist firm Jafco Ventures.
Playstudios creators of social gambling titles such as MyVegas Casino and MyVegas Blackjack, have differentiated their social gambling product inventory by offering real rewards and prizes to players. Prizes have included holidays to Las Vegas, Concert Tickets and family holidays (Facebook prohibits the rewarding of cash prizes through unlicensed gambling mechanisms).
MyVegas Casino currently has over 1.25 million daily active users and has reached +18 million downloads to date. MyVegas games titles are available on mobile iOS and Android systems.
The popularity of Playstudios games titles has seen the company receive investment from US casino and leisure operator MGM Resorts International who contributed in the round of funding.
Playstudios Chief Executive Andrew Pascal confirmed that it would use the raised funds to increase product and acquire top development talent for its operations.
