Allwyn International AG has entered into a definitive agreement to acquire a majority stake in PrizePicks, the largest daily fantasy sports (DFS) operator in North America.
The deal will see Allwyn purchase approximately 62.3 percent interest in PrizePicks for an expected initial cash consideration of US$1.6 billion (£1.19bn), valuing the business at an upfront enterprise value of US$2.5 billion (£1.86bn). Performance-related payments could lift the valuation to a maximum of US$4.15 billion (£3.08bn).
Founded in 2015, PrizePicks has grown into the leading DFS platform in the United States, attracting millions of monthly active users across more than 45 jurisdictions.
The company has delivered consistent double-digit annual revenue growth and reported Adjusted EBITDA of US$339 million (£251m) in the 12 months to June 2025. Its portfolio includes free-to-play contests and peer-to-peer tournaments alongside its core DFS offering.
Diversification
The acquisition gives Allwyn a stronger foothold in the U.S. sports and entertainment sector, complementing its existing operation of the Illinois Lottery, which it acquired in 2023.
PrizePicks will continue to operate as a standalone brand led by CEO Mike Ybarra and its existing leadership team, with co-founder Adam Wexler remaining on the board.
The transaction, expected to close in the first half of 2026 and subject to regulatory approvals, will be financed through a mix of cash on balance sheet and debt. Minority shareholders will retain liquidity rights for five years after closing.
The deal follows Allwyn’s acquisition of a 70 percent stake in Instant Win Gaming in 2024 and its announced plan to acquire a controlling interest in Novibet, reflecting what Stepan Dlouhy, Allwyn’s Chief Investment Officer, described as “an ambitious investment strategy” and part of a broader plan to expand into online sports betting, gaming, and entertainment.
The company also secured global partnerships with Formula 1 and McLaren in early 2025, further diversifying its portfolio.
Allwyn Founder and Chair Karel Komarek said the acquisition would “continue to drive Allwyn’s momentum and expand our business in the United States,” noting that PrizePicks had established itself as “an industry pioneer, revolutionising the way fans engage with the athletes they love.”
Allwyn CEO, Robert Chvatal, added: “This is a significant European investment, and Allwyn’s biggest in the United States to date. PrizePicks is an entrepreneurial company that is empowering a new generation of fans who want to engage with their favourite sports and athletes, not just spectate.
“PrizePicks has created an intuitive platform that simplifies the process of making skilled predictions. I look forward to partnering with Mike and the PrizePicks team to support the growth of the business.”
New Chapter
For PrizePicks, the acquisition marks a new chapter. CEO Mike Ybarra cited Allwyn as a “like-minded and disruptive company” that shares PrizePicks’ passion for bold innovation and that joining forces would help accelerate the company’s mission to make its games “more interactive, engaging and rewarding for fans everywhere.”
Adam Wexler, PrizePicks Founder, added: “From day one, we set out to create a more accessible style of fantasy sports that could appeal to casual players […] with Allwyn’s backing, we’ll accelerate our vision and bring our games to even more players on a much bigger stage.”
And this was not the only landmark of the week for PrizePicks.
On the same day the Allwyn acquisition was announced (September 22), the company—through its subsidiary Performance Predictions II LLC—was approved as a Futures Commission Merchant (FCM) by the Commodity Futures Trading Commission. This status allows it to partner with Designated Contract Markets, such as Kalshi, to offer event contracts.
