myVegas Developer PlayStudios Raises $20 Million in Funding

myVegas BlackjackSocial casino game developer PlayStudios has announced it has raised $20 million in Series C financing to further the company’s growth. The round was led by Jafco Ventures, with participation from existing investors. PlayStudios is the company behind the popular casino titles myVegas Slots and myVegas Blackjack [pictured], with the latter launching at the beginning of October 2014.

PlayStudios offers gameplay experiences for both Facebook users and mobile players. The company has experienced year-over-year growth since its first product launch in late-2012, with its products being downloaded more than 18 million times.

“The success of myVegas is, in part, a testament to the enduring allure and mystique of the Las Vegas experience. We’ve wrapped that all up in an easy-to-play family of social casino apps with beautiful graphics, great game mechanics, and real-world benefits,” said Andrew Pascal, founder, president and chief executive officer of PlayStudios, in a statement.

myVegas Slots and myVegas Blackjack offer separate gameplay experiences, but a user’s profile can carry across both games to ensure users receive the most real-world rewards possible. The more players gamble with virtual currency in each game, the more loyalty points they receive in the system. These points can then be exchanged for real world prizes, including free nights at Las Vegas hotels, free or discounted show tickets, free buffet meals and more. The company has expanded its reach in recent months, and occasionally offers rewards for locations outside of Las Vegas proper.

“The PlayStudios team, led by Andrew Pascal, is one of the best operating teams we have seen. They have successfully captured the high ground in the rapidly growing social casino market,” added Joe Horowitz, managing general partner at Jafco Ventures. “We believe that the quality of their products and the loyalty of their players will allow PlayStudios to continue to achieve explosive growth and dominate this category of the social gaming market.”

myVegas Slots is available to play for free on Facebook, as well as download for free on the iTunes App Store, Google Play and the Amazon Appstore. myVegas Blackjack is available for free on the iTunes App Store, Google Play and the Amazon Appstore.