Fantasy sports operator PrizePicks is entering the prediction markets space in partnership with Polymarket.
The partnership will see the fantasy sports operator integrate Polymarket’s event contracts onto its platform, giving customers in the United States access to markets on sports, entertainment, and cultural moments.
“As the No. 1 daily fantasy sports operator in the U.S., PrizePicks is thrilled to partner with Polymarket, a trailblazer in the prediction space, to open up new experiences for our millions of existing members and introduce our platform to millions of new customers,” said Mike Ybarra, CEO of PrizePicks.
“By entering the U.S. predictions market, PrizePicks will create greater competition, drive innovation and deliver even more value directly to members.”
The partnership with Polymarket comes after PrizePicks secured a Futures Commission Merchant (FCM) license from the National Futures Association in September.
The license was granted to Performance Predictions II, a subsidiary of PrizePicks’ parent company SidePrize, and allows PrizePicks to accept orders to buy and sell futures contracts offered by Designated Contract Markets (DCMs) that are regulated by the Commodity Futures Trading Commission (CFTC).
“PrizePicks has built one of the nation’s most exciting sports communities, and we are excited to help bring prediction markets into that world,” said Shayne Coplan, founder and CEO of Polymarket.
“As we prepare to return to the U.S., this partnership shows how prediction markets can enhance fandom while setting a new standard for interactive, regulated sports engagement.”
In September, Allwyn International agreed a deal to acquire a 62.3 per cent stake in PrizePicks for an initial cash consideration of $1.6 billion.