PrizePicks is selling nearly two-thirds of its company at a $2.5 billion valuation that moves it under the umbrella of a lottery-led gaming giant.
Allwyn is buying 62.3% of PrizePicks for $1.6 billion in cash, according to a Monday announcement. Performance-based earnouts could lead to another $1 billion paid out by 2029, giving PrizePicks a potential $4.15 billion valuation.
The deal should close in the first half of next year. The peer-to-peer pick’em daily fantasy sports operator will continue to be run by its existing management team and will be a standalone business within Allwyn.
“With Allwyn’s scale and resources, PrizePicks will have the support to expand and innovate faster, reaching more fans than ever before,” the release said.
PrizePicks financial details
The public gaming industry finally gets a peek under PrizePicks’ hood thanks to the transaction.
The company produced $339 million in adjusted EBITDA for the trailing 12 months ending June 2025, according to the investor presentation. Revenue grew 60% over the same time period with “strong cash flow generation” as well.
PrizePicks boasts more than 20 million registered player accounts with monthly active players averaging more than 2 million.
Why Allwyn?
Allwyn, a company that consolidated multiple brands including Sazka and Camelot, does the vast majority of its business in European countries. The company’s only business in the US right now is its contract to run the Illinois Lottery.
“For Allwyn, the transaction is a unique opportunity to enter the strategically important sports and entertainment industry in the United States, expanding its business in the country beyond its existing operation of the Illinois Lottery,” reads the release.
“With a shared belief in the power of technology and commitment to responsible play and community impact, PrizePicks is highly complementary to Allwyn’s expanding portfolio in casual entertainment – in line with its vision to become the world’s leading gaming entertainment company.”
Allwyn owns the Betano brand, which operates sports betting across a number of North American, European and South American countries. It also provides lottery products in Germany, Italy and the UK, and operators both sports betting and lottery in Austria, Cyprus, Czech Republic, and Greece.
PrizePicks stakeholder reaction
Both CEO Mike Ybarra and founder Adam Wexler chimed in on the transaction.
“Today marks the start of an exciting new chapter for PrizePicks and our growing community of players,” Ybarra said. “There has never been a more electrifying time to shape the future of fan-first entertainment. By joining forces with Allwyn, a like-minded and disruptive company that shares our passion for bold product innovation, we will accelerate our mission to make our games more interactive, engaging and rewarding for fans everywhere.”
The vision for PrizePicks is accelerated by the purchase, Wexler said.
“From day one, we set out to create a more accessible style of fantasy sports that could appeal to casual players,” Wexler said. “As the industry evolved, PrizePicks was the first to go all-in on the simplest prediction model and take it to scale, reshaping how fans engage with fantasy sports.
“Now, with Allwyn’s backing, we’ll accelerate our vision and bring our games to even more players on a much bigger stage.”
