Allwyn announced its all cash purchase of 62.3% of PrizePicks closed on Friday and called out the expansion of its predictions product since the investment was first announced.
The nearly two-thirds stake in PrizePicks cost Allwyn, a lottery-led international gaming company, $1.533 billion. There is also the potential to pay out up to $1 billion in earnouts by 2029.
The release notes that PrizePicks continued to grow as the deal closed and is now offering prediction markets in 48 states, though only 30 of those states include sports.
Where does PrizePicks offer predictions?
There are two separate brands for predictions under PrizePicks. Culture Picks offers predictions on trending topics, the economy and pop culture.It is available everywhere in the United States except for Arizona and Nevada.
Team Picks, meanwhile, is available in 30 states, including some of the most important states without legal sports betting: California and Texas. It is also available in Florida, where the Seminole Indians have exclusivity to offer the Hard Rock Bet sportsbook app.
Other states with Team Picks despite legal sports betting:
- Arkansas
- Iowa
- Kansas
- Missouri
- Mississippi
- Montana
- Nebraska
- New Hampshire
- North Carolina
- North Dakota
- Oregon
- Rhode Island
- Washington
- West Virginia
What stakeholders are saying
PrizePicks founder and board member Adam Wexler said it was clear that Allwyn shares the same customer-first approach he focused on when building the company.
“I could not be more excited to collaborate with the Allwyn leadership team as PrizePicks continues to innovate in the world of sports and culture predictions,” Wexler said.
Allwyn CEO Robert Chvatal said the investment “significantly strengthens” the company’s presence in the United States. Allwyn currently runs the Illinois Lottery and supplies digital games to the Michigan Lottery.
PrizePicks CEO Mike Ybarra called the investment a “defining moment” with an “ideal partner.”
“Together, we will build on our strong momentum and deliver innovative products that deepen engagement with our growing community of players,” Ybarra said.
