Toast

What Toast does

Toast Studio, Inc. is a B2B software company that builds and licenses multiplayer, synchronous skill games to real-money gaming (RMG) operators such as sportsbooks, online casinos, sweepstakes platforms, and fantasy operators. Its product is a library of head-to-head, turn-by-turn games — including 21 Hustle (PvP Blackjack), Basketball Hustle, Pinfall, Pinfall Manic, Fling the Piggy, Easy Bingo, Gin Rummy, and Cricket PowerPlay — built specifically for betting audiences rather than generic gamers, with each title designed for high replay value and real-money monetization in a multiplayer environment.

The underlying technology is a server-backed synchronous multiplayer architecture that pairs players against each other in real time, supported by a global player liquidity pool intended to solve the cold-start problem that undermined prior skill-gaming entrants (Disney's skillgames.com, King.com, Worldwinner, Skilljam, Skillz). Operators integrate via three simple APIs, with a free copy-and-paste lobby available for testing and a stated go-live time of under a day. Toast also offers a white-label full-platform option for partners seeking turnkey launch, and an Operator Dashboard with real-time controls for lobbies, fees, rewards, and margins, plus a Real-Time Player Insights module for live engagement metrics, ARPU/retention/liquidity snapshots, and custom alerts.

Toast monetizes through game licensing and managed-services-style platform fees to RMG operators, supplemented by recurring subscription revenue from the Operator Dashboard tooling. The go-to-market is a hybrid of API-first self-serve (free lobby trial), product-led growth (live operator dashboard), and enterprise field sales (Request a Demo). Named customers include Ember (3M+ users), GamerSaloon, and Sparket, with GamerSaloon reporting $150 daily handle per user, $50 three-month LTV, and 25% D7 rolling retention. In September 2025, Toast closed a $1.6 million seed round led by Lightspeed Venture Partners with Lightspeed India Partners.

Name

Toast

Legal name

Toast Studio, Inc.

Website

https://topdog.games/

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

11–50 employees

Short description

Toast Studio, Inc. builds and licenses multiplayer, synchronous skill games (PvP blackjack, plinko-style, bingo, gin rummy, cricket) to real-money gaming operators via three APIs and a white-label platform, solving player liquidity from day zero.

Ownership category

akta.pro rank

Product category

Real-Money Skill Gaming Software

NAICS

Gambling Industries (7132)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Skill-Based & Hybrid Gaming Machines (MPAEAJAE)

akta.pro secondary industry

Sportsbook Platform & PAM Providers (B2B) (MPAEACAC)

Keywords

• Skill gaming platform
• Real money games
• Multiplayer gaming software
• White-label gaming
• Operator gaming solutions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Game Licensing to Operators: Toast licenses its skill games to RMG operators. The company builds and licenses multiplayer, synchronous games designed for bettors. They also white-label a full-serviced platform for partners looking to launch quickly.
2. Platform Services: Provides complete platform infrastructure including server-backed games, liquidity, and operational support as part of the licensing arrangement
3. Operator Dashboard & Tools: Revenue generated from operator tools including real-time controls, margin management, and insights features

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Toast builds and licenses a library of multiplayer, synchronous skill games (21 Hustle, Basketball Hustle, Pinfall, Pinfall Manic, Fling the Piggy, Easy Bingo, Gin Rummy, Cricket PowerPlay) designed for real-money gaming operators. It also offers a White-Label Platform and an Operator Dashboard with real-time controls, player insights, and margin/bonus management, integrated via 3 simple APIs with go-live in less than a day.

Product overview

Toast is a real-money skill gaming platform for RMG (Real Money Gaming) operators. The offering consists of a library of turn-by-turn synchronous multiplayer skill games (21 Hustle, Basketball Hustle, Pinfall, Pinfall Manic, Fling the Piggy, Easy Bingo, Gin Rummy, Cricket PowerPlay) designed for betting audiences, complemented by a white-label platform option and an Operator Dashboard for game management, player insights, and real-time controls. Toast provides the complete infrastructure including global player liquidity, server-backed games, and operational support, enabling partners to integrate and launch quickly via APIs.

Differentiator

Problem solved

Functional benefit

Products and services

• Toast Skill Games Library A library of multiplayer, synchronous skill games designed for real-money gaming (RMG) operators. Includes head-to-head titles like PvP blackjack, basketball, plinko-style, bingo, gin rummy, and cricket, each built for betting audiences with high replay value and monetization potential in a multiplayer environment.
• 21 Hustle (PvP Blackjack) Head-to-head blackjack game with no dealer or RNG edge. Features simultaneous hit/stand timer keeping matches under a minute, designed for high-velocity lobbies and real-money betting.
• Basketball Hustle Draft your team and outscore rivals in five turns. Fantasy meets manager gameplay with live scoring and per-shot strategy, built for hoops fans who want control without live games.
• Pinfall Aim and fire to light pegs with combo physics and wormholes for ball returns. High score wins with same map for all opponents. Combines Plinko meets Peggle with emphasis on precise angles and timing.
• Pinfall Manic A variant of Pinfall with aim and fire gameplay to light pegs. High score wins format.
• Fling the Piggy Casual strategic launch game where players adjust angle and power, bounce through obstacles, and travel the farthest distance. Features relaunches, TNTs, and traps with live leaderboards.
• Easy Bingo Quick ~4 minute bingo games where both players get the same 75-ball draw order and three identical cards. Players choose which card to mark each call, tuned for decision-making and rewards for lines/full house.
• Gin Rummy Classic gin rummy card game where first to 100 points wins. Features draw/discard mechanics, knock at ≤10 deadwood, with extra points for gin and undercuts. Average five-minute matches with authentic rules.
• Cricket PowerPlay Both players draft batters from a shared pool and select shots (1,2,4,6) before each delivery. Outscore your rival with transparent RNG seeds based on real-life historical performance. <5-minute matches ideal between live games.
• Operator Dashboard Operator-first dashboard for managing and optimizing skill games. Includes real-time game controls for lobbies, fees, and rewards, margin and bonus management with zero downtime, detailed player and revenue insights, in-built customer support tools, and operator-first UX for quick changes and live monitoring. Includes Real-Time Player Insights feature with live engagement metrics, performance snapshots, and custom alerts.
• White-Label Platform A full-serviced white-label platform for partners looking to launch quickly. Toast builds and licenses multiplayer synchronous games and provides the complete infrastructure including liquidity, tech, and operational support to go live fast and grow revenue.

Quantifiable outcome

• $150 daily handle per user
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered notable and core.

• EmbernotableTechnology or IntegrationEmber integrated Toast games for their community of 3M+ users. Games are described as fast, reliable, and delivering competitive edge valued by Ember's user base.
• GamerSalooncoreTechnology or IntegrationGamerSaloon integrated Toast games into their GamerSaloon Arcade. Toast games are among the most popular titles. GamerSaloon reports $150 daily handle per user, $50 3-month LTV, and 25% D7 rolling retention. Integration took only one day with instant player liquidity.
• SparketnotableTechnology or IntegrationSparket uses Toast games to engage users and generate new revenue. Toast provides new ways to keep users on the platform and drive monetization.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Skillz: Skillz operates the most prominent real-money skill gaming platform, hosting head-to-head competitive mobile games for money. It directly competes with Toast in skill-based wagering mechanics, though Skillz is primarily consumer-facing and Toast is B2B-only — both target the same underlying skill-gaming economics and player liquidity dynamic.
• AviaGames (Pocket7Games): AviaGames runs Pocket7Games, a suite of real-money competitive skill games including bingo, solitaire, and pool. It is a direct competitor in the skill-based real-money gaming vertical with the same multiplayer synchronous wagering format Toast enables for its B2B partners.
• Worldwinner: Worldwinner is a long-running real-money skill games platform (tournaments in solitaire, bingo, puzzle games). Toast explicitly cites it as a peer that struggled with liquidity — they compete in the same head-to-head skill wagering category.

Broad incumbents

• Bragg Gaming Group: Bragg is a B2B iGaming content and platform provider serving the same operator customers Toast targets (sportsbooks, casinos). It offers a broader content library but no specialized synchronous skill gaming vertical, positioning it as a portfolio incumbent rather than a direct rival.
• Light & Wonder: Light & Wonder is a major global gaming content and platform supplier with deep relationships across the same RMG operators Toast sells into. It does not specialize in synchronous skill gaming but has the studio scale and operator contracts to compete on content breadth.
• Pragmatic Play: Pragmatic Play is a leading B2B iGaming content provider (slots, live casino, bingo, virtual sports) with established distribution into RMG operators. While focused on casino-style content, its studio capacity and operator relationships make it a credible competitor if it expands into skill gaming.
• GAN (now Seaport Entertainment / GAN Limited): GAN is a B2B platform provider for online sports betting and casino operators, serving real-money customers in the US and Europe. It is a relevant peer in B2B RMG distribution, with overlapping operator relationships but a different content focus.

Others

• Sportradar: Sportradar provides sports betting data, trading, and platform services to sportsbook operators — exactly the operator segment Toast targets. While not a content provider, its deep operator relationships and platform footprint make it a strategic partner or channel for Toast's expansion.
• Kambi Group: Kambi is a B2B sportsbook platform provider serving tier-1 operators globally. Its operator customers are a natural distribution channel for Toast's skill gaming content; the relationship is adjacent rather than competitive but highly relevant for go-to-market.

Emerging players

• Arkadium: Arkadium operates casual and skill-based games with both free and real-money formats for media and gaming partners. It overlaps with Toast in casual skill gaming mechanics but historically focused on free-to-play distribution rather than pure RMG licensing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toast