Allwyn to Acquire Majority Stake in PrizePicks in $1.6 Billion Deal
Allwyn International AG, a global lottery operator, has agreed to purchase a 62.3% stake in PrizePicks, North America’s leading daily fantasy sports (DFS) platform, for $1.6 billion in cash. The deal, announced yesterday, September 22, 2025, marks Allwyn’s entry into the US sports and entertainment market, expanding beyond its Illinois lottery operations.
LISTEN TO THIS ARTICLE:The transaction values PrizePicks at $2.5 billion upfront, with up to $1 billion more payable if performance targets are met, potentially reaching $4.15 billion.
The acquisition, which is set to close in the first half of 2026 pending regulatory approval, will see PrizePicks operate independently under CEO Mike Ybarra, who joined in 2024 from Blizzard Entertainment.
Co-founder Adam Wexler will retain a board seat and some ownership. PrizePicks, founded in 2015, has grown rapidly, reporting $339 million in adjusted EBITDA for the 12 months ending June 2025 and over 20 million registered users across 45 U.S. states.
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.
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Strategic Fit and Expansion
Allwyn, a key player in the KKCG group led by Karel Komarek, oversees lotteries in the UK, Italy, and other jurisdictions. The operator entered the US market in 2023, when it acquired Camelot. With the addition of PrizePicks, Allwyn's digital gaming portfolio has grown stronger, building on its 2024 investment in Instant Win Gaming and upcoming plans for Novibet.
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.
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