European lottery and gaming entertainment company, Allwyn International, has agreed to acquire 62.3% of US daily fantasy sports (DFS) operator PrizePicks, in a deal that values PrizePicks at $2.5 billion.
The transaction, announced on September 22, discloses that Allwyn will pay $1.6 billion in cash, with additional performance-based payments that could raise the DFS operator’s valuation to $4.15 billion.
PrizePicks, founded in 2015, attracts millions of monthly active users across 45 US jurisdictions. For Allwyn, which operates the Illinois Lottery and owns a stake in Instant Win Gaming, the deal marks its largest US investment to date.
Adam Wexler, PrizePicks Founder, 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.”
PrizePicks will continue to operate as a standalone brand under CEO Mike Ybarra. The transaction is expected to close in the first half of 2026, while awaiting regulatory approvals.