Most lotteries operate within the confines of a specific country or state, often requiring participants to visit a physical location to purchase their tickets. In response to this limitation, Patrick Lung established Megapot, aiming to create a global lottery platform that allows users from around the world to buy tickets directly from their smartphones.
Recently, Megapot announced it has successfully raised $5 million in a funding round, led by Dragonfly, with additional participation from Coinbase Ventures, Bankless Ventures, and several founders behind prominent companies like FanDuel, Betfair, and MyPrize. Lung chose not to disclose the startup’s valuation during his interview with Fortune.
Lung’s motivation for creating Megapot stems from his vision of leveraging blockchain technology to include a vast audience in its offerings. “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.
Users can currently purchase Megapot tickets from over 150 countries at an affordable price of one dollar for the daily lottery. Since its inception, the platform has celebrated 19 jackpot winners, with the largest payout amounting to approximately $200,000. However, Megapot is not accessible in about 30 countries, including major markets such as the United States, the United Kingdom, and France.
The backbone of Lung’s startup is cryptocurrency. Megapot’s protocols are built on Base, a network derived from Ethereum, which allows open access and interaction. Furthermore, the platform utilizes stablecoins—cryptocurrencies typically pegged to the U.S. dollar—for payouts to users globally.
After nearly eight years in tech and crypto roles at firms like Microsoft, Lyft, and Uniswap, Lung founded Megapot in January 2024. Currently, his startup operates with a team of seven employees.
On Tuesday, Megapot launched its latest lottery iteration. The company generates revenue by charging fees on the tickets purchased through its platform and plans to utilize its recent funding to expand into additional countries. Lung sees traditional lotteries as his primary competitors, emphasizing that Megapot offers more substantial jackpots and improved odds than existing systems.
Lung’s inspiration for Megapot is deeply personal. He cites his mother, who has been a dedicated lottery ticket buyer for two decades, as a driving force behind his vision. “I want to build a product that’s actually built for my mom,” he remarked. “That’s what we’re trying to build…something that I can share with any person and they instantly understand why it should exist.”
