European lottery giant Allwyn has acquired DFS operator PrizePicks
The initial purchase price is a reported $1.6 billion
Speculation is that Allwyn is eyeing PrizePicks as a method of entry into the US predition market space
For an initial payout of $1.6 billion, European lottery giant Allwyn International is entering the US gaming marketplace, evidently with a two-pronged approach in mind.
Firstly, by acquiring a majority stake in daily fantasy sports (DFS) operator PrizePicks for that price, the immediate objective is to become a major player in the US daily fantasy sports marketplace. In fact, the purchase price could climb to as much as $4.15 billion if PrizePicks attains certain performance numbers in the DFS marketplace over the next three years.
Allwyn has
agreed to purchase
an approximately 62.3% stake in PrizePicks for that expected initial cash consideration of $1.6 billion, implying an upfront enterprise value of $2.5 billion.
From Allwyn's perspective, the transaction presents an opportunity to enter the strategically important sports and entertainment industry in the United States. Previously, the only business the company did in the country was operating the Illinois Lottery.
Allwyn's decision to expand its US portfolio in casual entertainment aligns with its stated vision to become the world’s leading gaming entertainment company.
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Allywn is likely aiming to enter the US prediction market space
Speculation is that the plan will ultimately include entry into the burgeoning US prediction marketplace. The acquisition of PrizePicks offers Allwyn a platform to make that happen.
As a DFS site, PrizePicks is available in 45 US states. The company generated Adjusted EBITDA of $339 million in the 12 months up to June 2025, achieving over 60% year-on-year revenue growth and delivering strong cash flow generation during the same period.
DFS competitions are skill-based games giving fans opportunities to be testing their sports knowledge in structured contests governed by specific rules and regulations.
"PrizePicks is an entrepreneurial company that is empowering a new generation of fans who want to engage with their favourite sports and athletes," Allwyn CEO Robert Chvatal said in a press release. "PrizePicks has created an intuitive platform that simplifies the process of making skilled predictions."
Allywn is likely aiming to enter the US prediction market space
There are options beyond DFS with this purchase. Allwyn certainly has its eyes on entry into the lucrative US prediction market space through PrizePicks.
Entry into the prediction market industry was already on the agenda for PrizePicks before the announcement of the sale. On Monday, PrizePicks was given approval as a futures commission merchant (FCM). This move is the first step toward offering regulated prediction markets on sports.
The approval was granted to PrizePicks' subsidiary Performance Predictions II LLC. Official processing of this approval was done by the National Futures Association. It was done on behalf of the Commodity Futures Trading Commission (CFTC).
This branch of the company will be operating as Prize Picks Predict. With approval as an FCM, PrizePicks can form a partnership with designated contract market operators. Working with platforms like Crypto.com or Kalshi, they could offer regulated event contracts on sports.
With access to Allwyn’s scale and resources, PrizePicks will have the support to expand and innovate faster. That may enable even more rapid growth upon entry into the prediction market space.
This sale still requires regulatory approval
PrizePicks will operate as a standalone brand within Allwyn International. It will continue to be led by its CEO, Mike Ybarra. Adam Wexler, PrizePicks’ co-founder, will continue to serve as a member of the PrizePicks Board of Directors.
Anticipation is that the transaction will close in the first half of 2026. This sale is subject to the satisfaction of certain closing conditions. Those conditions include the notification to and approvals from applicable regulatory authorities.
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