Most lotteries are contained inside a rustic or a state, and far of the time, individuals should go to a bodily location to purchase a ticket. Patrick Lung based Megapot with a purpose to create a worldwide lottery the place individuals all over the world should purchase tickets from their cellphone.
On Thursday, the startup introduced that it raised $5 million in a funding spherical led by Dragonfly, with participation from Coinbase Ventures, Bankless Ventures, and the founders behind FanDuel, Betfair, and MyPrize. Lung declined to share the startup’s valuation, in an interview with Fortune.
Lung stated he based Megapot additionally as a result of he considered it as a strategy to convey the plenty to blockchain. “I wanted to go build something that can actually bring a billion people on chain, so they can get all the benefits of crypto,” he stated.
Individuals should purchase Megapot tickets from greater than 150 nations, and it prices one greenback to purchase a ticket for the every day lottery. Megapot has had 19 jackpot winners, with one particular person taking dwelling about $200,000, in keeping with Lung. The platform just isn’t out there in about 30 nations, together with the US, the UK, and France.
Crypto is the engine behind his startup, Lung stated. Its permissionless protocols run on Base, a community constructed on Ethereum, which means that anybody can entry it, work together with it, and builders can construct on high of it. Megapot additionally makes use of stablecoins, a sort of cryptocurrency usually pegged to the U.S. greenback, to pay out customers all over the world.
Lung based Megapot in January 2024 after working for about eight years at tech and crypto firms like Microsoft, Lyft, and Uniswap. His firm presently has seven workers.
Megapot launched the newest model of its lottery on Tuesday, and it earns income by charging charges on tickets offered via its website. With the brand new capital from the elevate, the startup plans to increase to extra nations. Lung stated that conventional lotteries are his firm’s foremost competitors, and that Megapot can provide bigger jackpots and higher odds than this incumbent system.
Lung cited his mother because the inspiration behind Megapot, “I want to build a product that’s actually built for my mom. [She] has actually bought a lottery ticket for two decades now every weekend,” he stated. “That’s what we’re trying to build …something that I can share with any person and they instantly understand why it should exist.”
