Playstudios raises $20M for social casino games with free Vegas 'comp' rewards

Playstudios has set itself apart in the crowded market for social casino games by offering rewards, or “comps” to stay in Las Vegas hotels, to its MyVegas gamers. And now it’s getting its own reward. The company is announcing today that it has raised $20 million in a third round of funding led by Jafco Ventures.

The deal shows Playstudios is one of the rare independent social casino game startups that has gotten a lot of traction. The rewards could be big, since the global social casino game market could reach $2.7 billion by the end of 2014, according to Eilers Research. There are still hundreds of games in the social casino category, where people play real money for virtual chips but can’t cash out their winnings as in gambling games. Playstudios makes you feel like you win something because you get the real-world rewards.