PrizePicks Expands Its Prediction Markets Offering Into 48 States
Allwyn International AG, a prominent multi-national lottery gaming company, and PrizePicks, the leading daily fantasy sports operator in North America, recently announced the completion of Allwyn’s previously disclosed agreement to acquire a 62.3% stake in PrizePicks.
Allwyn Completes Acquisition Of Majority Stake In PrizePicks
According to the news release, the closing consideration for the stake is $1.533 billion, pending customary post-closing adjustments and excluding performance-based earnouts.
PrizePicks reportedly had no outstanding loans or borrowings at closing.
“We are excited to support and participate in the next phase of PrizePicks’ growth. This investment advances Allwyn’s strategy to build a diversified global entertainment platform and significantly strengthens our presence in the United States,” said Robert Chvatal, CEO of Allwyn.
“I look forward to working closely with Mike and the talented PrizePicks team to deliver even more compelling experiences for fans around the world.”
Since PrizePicks is registered as a Futures Commission Merchant by the National Futures Association, the sports entertainment operator is also expanding its regulated prediction markets offering into 48 states.
That’s a big jump from November, when PrizePicks was available in just 38 states and offered sports event contracts in only 15, through a partnership with Kalshi.
Sports Event Contracts Available In Large Markets
More importantly, PrizePicks’ sports event contracts are now available in large markets such as California and Florida, two states that oppose prediction market operators.
“Today marks a defining moment for PrizePicks. Allwyn’s global scale, operational expertise, and long-term approach make them an ideal partner as we continue to grow and evolve,” said Mike Ybarra, CEO of PrizePicks.
“Together, we will build on our strong momentum and deliver innovative products that deepen engagement with our growing community of players.”
In November, two new offerings were added in the PrizePicks app: Team Picks and Culture Picks.
Team Picks allow customers to make predictions on team-based outcomes rather than individual player performance. The prediction offering is currently live in 30 states and Washington, D.C.
Culture Picks, meanwhile, lets customers predict outcomes on trending cultural and entertainment events. The feature is currently live in 48 states and D.C.
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