Allwyn International to buy majority stake in daily fantasy sports operator PrizePicks
The deal represents a strategic expansion into US sports and entertainment for the European gambling operator.
Switzerland.- The gambling operator Allwyn International continues to expand globally, now sealing a deal to buy a majority stake in the US daily fantasy sports (DFS) operator PrizePicks. Allwyn has agreed to purchase a 62.3 per cent stake in for $1.6bn in cash.
The deal represents an upfront enterprise value of $2.5bn. If PrizePicks achieves certain performance metrics over the next three years, additional cash considerations could raise that to up to $4.15bn.
Founded in 2015, PrizePicks offers free-to-play games and a peer-to-peer tournament-style offering, which enables players to compete against others. It’s live across 45 United States jurisdictions and has become one of the fastest-growing DFS operators in the country, with consistent high double-digit annual revenue growth. Adjusted EBITDA was $339m in the 12 months to June 2025, and revenue growth was over 60 per cent year-on-year.
PrizePicks will operate as a standalone brand within Allwyn, led by its existing CEO Mike Ybarra and leadership team, who will be retaining the majority of their ownership interest. Adam Wexler, PrizePicks’ co-founder, will continue to serve as a member of the PrizePicks Board of Directors.
Allwyn’s strategic expansion into US sports and entertainment
For Allwyn, the transaction is an 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.
“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 said. “With Allwyn’s scale and resources, PrizePicks will have the support to expand and innovate faster, reaching more fans than ever before.”
In 2024, Allwyn completed the acquisition of a 70 per cent stake in e-instants supplier Instant Win Gaming and announced an intention to acquire a controlling interest in online sports betting and gaming operator Novibet.
The deal remains subject to customary post-closing adjustments and is anticipated to close in the first half of 2026. The selling shareholders of PrizePicks may receive performance-contingent payments of up to approximately $1bn in 2029, based on performance metrics during 2026-28.
Allwyn dounder and chair Karel Komarek said: “This acquisition will continue to drive Allwyn’s momentum and expand our business in the United States. PrizePicks has established its credentials as an industry pioneer, revolutionising the way fans engage with the athletes they love, making the contests more thrilling and immersive. We are excited to work with PrizePicks to shape the future of this new frontier in casual entertainment.”
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.”
Chief investment officer Stepan Dlouhy said: “The acquisition of PrizePicks underscores our ability to execute on our ambitious investment strategy. The United States gaming and entertainment market has always been a compelling opportunity, and our focus has been on finding the right entry points.
“We took the first step in 2023 with the acquisition of the operator of the Illinois lottery and were pleased to subsequently acquire a majority stake in IWG, which has a strong footprint in the United States, in 2024. Today, we announce the next major milestone on our journey. PrizePicks fits perfectly into our vision of shaping the future of mass market casual digital entertainment and is poised for further strong growth.”
Ybarra added: “Today marks the start of an exciting new chapter for PrizePicks and our growing community of players. 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.”
Wexler said: “From day one, we set out to create a more accessible style of fantasy sports that could appeal to casual players. 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.”
