ZOOT
Sweepstakes gaming platform integrating blockchain-based stablecoin payments.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $6.0m | Seed | |
| Total Funding | 000k | ||
ZOOT, legally known as Enigma Lake Holdings, Inc., operates a sweepstakes gaming platform that merges video game elements with iGaming. The company was co-founded by CEO Sean Ryan and CFO John Cahill. Ryan's background includes leading Facebook's games business and co-founding the social casino games company OpenWager, which was acquired by VGW in 2017. Cahill is a gaming industry veteran with experience at Sega, Shockwave, and Yahoo Games. The duo previously worked together on Luckyland Slots.
The platform operates on a free-to-play model using two virtual currencies: Gold Coins (GC) for fun play and Sweeps Coins (SC), which can be redeemed for cash prizes. Players can acquire coins through daily logins, promotions, or by purchasing Gold Coin packages, which often include free Sweeps Coins as a bonus. The business model centers on the sale of these virtual coin bundles. Zoot's games include arcade-style offerings like Plinko, Mines, Dice, and Crash, distinguishing itself by initially focusing on these rather than traditional slot games. The platform is designed to appeal to a younger demographic, typically males in their early 20s who also engage in sports betting.
In June 2025, ZOOT announced it had raised $6 million in a seed funding round led by CoinFund with participation from Griffin Gaming Partners. This funding is intended to facilitate the company's expansion from a US-focused business to a global platform utilizing stablecoins for payments. This strategic shift aims to address common issues in online gaming such as payment delays and geographic restrictions, offering instant payouts with zero fees. The company sees significant growth opportunities in markets across Southeast Asia, Latin America, and Africa. The platform is headquartered in New York with its technology team based in Europe.
Keywords: sweepstakes gaming, iGaming, blockchain payments, stablecoin, free-to-play, social gaming, real money gaming, cash prizes, Plinko, John Cahill, Sean Ryan, CoinFund, Griffin Gaming Partners, virtual currency, video game entertainment, mobile gaming, digital entertainment, Enigma Lake Holdings, arcade games, cryptocurrency gaming