Allwyn International has completed the acquisition of a majority stake in leading North American fantasy sports operator PrizePicks.
Allwyn has acquired a 62.3 per cent stake in PrizePicks after paying a $1.533 billion closing consideration, subject to customary post-closing adjustments and excluding performance-based earnouts.
PrizePicks had no outstanding loans or borrowings at closing.
“We are excited to support and participate in the next phase of PrizePicks’ growth,” said Allwyn CEO Robert Chvatal. “This investment advances Allwyn’s strategy to build a diversified global entertainment platform and significantly strengthens our presence in the United States.
“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 Allwyn’s initial transaction announcement last September, PrizePicks has continued to execute its growth strategy with the launch of its prediction markets offering in November, partnering with both Kalshi and Polymarket to extend PrizePicks’ footprint to nearly every US state.
Within the PrizePicks app, two new offerings have been added. Team Picks allows customers to make predictions on team-based outcomes rather than individual player performance, and is currently live in 30 states and the District of Columbia.
Culture Picks lets customers predict outcomes on trending cultural and entertainment events, and is currently live in 48 states and DC.
PrizePicks CEO Mike Ybarra said: “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. Together, we will build on our strong momentum and deliver innovative products that deepen engagement with our growing community of players.”
PrizePicks founder and board member Adam Wexler added: “From the beginning, we built PrizePicks by putting our community first and focusing on delivering an industry-leading member experience. As we looked ahead to the next phase of PrizePicks’ growth, it became clear that Allwyn shares our customer-first philosophy and our vision for the future of entertainment.
“I could not be more excited to collaborate with the Allwyn leadership team as PrizePicks continues to innovate in the world of sports and culture predictions.”