TechFlow News, March 27: According to Fortune, Megapot, a crypto-based lottery platform, announced today that it has raised $5 million in funding. Dragonfly led the round, with participation from Coinbase Ventures, Bankless Ventures, and founders of FanDuel, Betfair, and MyPrize.
The platform is built on Base, Ethereum’s Layer-2 network, and uses stablecoins for global prize payouts. Users in over 150 countries can purchase lottery tickets—each priced at $1—with daily draws. To date, Megapot has produced 19 jackpot winners, with the largest single payout reaching approximately $200,000.
Megapot launched its latest version this Tuesday, generating revenue through ticketing fees. Proceeds from this funding round will support expansion into additional markets. Patrick Lung stated that traditional lotteries are Megapot’s primary competitors, and that Megapot offers larger prize pools and better odds. The platform is currently unavailable in around 30 countries—including the U.S., U.K., and France—and the team comprises seven employees.
