Online gambling used to be a solitary activity, one person sitting in front of a screen hoping to land on red. But as companies like Stake.com, FanDuel and DraftKings have gained popularity in recent years, investors are increasingly betting on the social aspect that has become part of many betting platforms.
That includes Monkey Tilt, which combines entertainment with gambling, and announced Wednesday that it has raised $30 million in a Series A funding round led by Pantera Capital.
Monkey Tilt is the brainchild of Las Vegas native Sam Kecki, who has helped run some of the biggest casinos in America and now hopes to use his expertise to take on some of the biggest players in online gambling. have been
“I see a future where you log in and you’re hanging out on the site for a few hours talking to your friends. You’re gambling together. You’re having fun like you’re in Vegas,” Kiki said good luck.
Kiki sees Monkey Incline as an entertainment company as much as an online casino. He hopes to build a recognizable brand by partnering with celebrities and influencers to create content that drives users to his platform.
This is similar to the strategy used by online crypto casino Stake.com, which partners with influencers who promote the site by playing gambling on their livestreams for their customers. Kiki says Monkey’s slant is different because it goes a step further, building its brand around these partnerships.
“We’re going to partner with all the dopest streamers, cultural icons, cool brands but beyond that, we need to create content with them,” Kiki said.
The platform has also integrated a chat function in which users can communicate with each other as they gamble and donate a portion of their winnings to other users.
“We’re big on the integration of a lot of social features. I think the gaming platform of the future is going to look a lot more socially immersive than the gaming platforms of the past,” Kiki said.
Monkey Tilt launched in March and has already raised $200 million in monthly betting volume. Online casinos currently offer sports betting and casino games such as blackjack, roulette and slots.
Kiki says that poker and crypto payment infrastructure are coming in the next few weeks.
Kiki will allocate a large portion of the funding raised in this round to paid advertising and marketing. He also plans to use the money to build a tech team to maintain the platform.
Monkey Bend isn’t the only online casino attracting VC interest. In March, MyPrize, another site that tries to provide an immersive gambling experience, raised $13 million in two funding rounds, valuing the company at $140 million.
