Xanada targets US sweepstakes market with Sweepium investment
VC firm dips its toe into the vertical with “early-stage” investment, as state regulators intensify crackdowns on operators
Xanada Investments has entered the US sweepstakes market via an early-stage investment into B2B firm Sweepium.
Sweepium serves as a B2B platform and game aggregator with the aim of “redefining how sweepstakes casino brands launch, operate, and scale in the US market.”
The platform also has a bank-approved payment system, described as a first of its kind feature in the US sweepstakes market.
Sweepium is currently live with multiple operators while also working with more than 50 suppliers across the US.
Xanada’s investment has extended beyond pure capital, with the VC fund acting as a strategic adviser in a consulting capacity.
Xanada Investments CEO and managing partner Vladimir Malakchi said: “From day one, Sweepium showed both clarity of vision and precision in execution.
“Our decision to invest was driven not only by the unique positioning of the platform but by the team’s operational discipline and long-term thinking.
“Over the past year, we’ve worked closely with Sweepium to evolve their business infrastructure, guide strategic decisions, and help unlock market growth — and the results speak for themselves.”
Daniel Mitton, founder and CEO of Sweepium, added: “Partnering with Xanada Investments brought more than capital — it brought strategy, structure, and scale.
“Their team helped us align operations with long-term growth goals, navigate licensing, and open doors commercially. With Xanada’s support, we’ve accelerated our market readiness and laid the groundwork for sustainable expansion.”
Xanada’s investment comes at a time when the sweepstakes vertical is facing increased scrutiny from regulators across the country.
Last month, Montana became the first US state to officially outlaw sweepstakes gaming, with Connecticut following suit last week.
Yesterday, June 18, the Louisiana Gaming Control Board (LGCB) and Mississippi Gaming Commission (MGC) issued cease-and-desist orders to more than 50 sweepstakes operators and offshore bookmakers between them.
Earlier this month, New York’s Attorney General Letitia James issued 26 cease-and-desist orders to sweepstakes operators.