Allywyn International, a lottery-led gaming entertainment company based in Europe, is acquiring a majority stake in PrizePicks, North America’s largest daily fantasy sports (DFS) operator. The two companies announced this week that they have entered into a definitive agreement.
Allwyn has agreed to purchase an approximately 62.3% stake in PrizePicks for an initial cash consideration of $1.6 billion. It implies an upfront enterprise value of $2.5 billion. If PrizePicks achieves certain performance metrics over the next three years, additional cash consideration could raise the value to $4.15 billion.
Allwyn CEO Robert Chvatal noted that this is the company’s biggest U.S. investment 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,” Chvatal said.
PrizePicks was founded in 2015 and has since risen to become one of the fastest-growing DFS operators in the country. The product includes free-to-play games along with a peer-to-peer tournament style offering. More importantly, it’s a product with a passionate fanbase of millions of monthly active users. PrizePicks is currently available in 45 U.S. jurisdictions.
PrizePicks generated Adjusted EBITDA of $339 million in the 12 months to June 2025, achieving revenue growth of over 60% year-on-year.
Mike Ybarra, CEO of PrizePicks, referred to the Allwyn deal as 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,” Ybarra said. “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.”
Allwyn views the transaction as a unique opportunity to enter the strategically important U.S. sports and entertainment industry. It currently operates the Illinois lottery, which Allwyn acquired in 2023.
Allwyn has a vision of becoming the world’s leading gaming entertainment company.
Stephen Dlouhy, Allywyn’s chief investment officer, 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,” Dlouhy said. “…Today, we announce the next major milestone on our journey. “PrizePicks fits perfectly into our vision of shaping the future of mass market digital entertainment and is poised for further strong growth.”
PrizePicks will continue operating as a standalone brand under the Allwyn umbrella. Ybarra and the existing leadership team will continue to oversee operations and retain the majority of their existing ownership interest. PrizePicks co-founder Adam Wexler will continue serving on the board of directors.
The transaction is anticipated to close in the first half of 2026. The deal is subject to the satisfaction of certain closing conditions. Once complete, PrizePicks anticipates big steps ahead.
“Now, with Allwyn’s backing, we’ll accelerate our vision and bring our games to even more players on a much bigger stage,” Wexler said.
