Allwyn International, a European lottery company, has finalised an agreement to purchase a majority stake in daily fantasy sports (DFS) operator PrizePicks. The announcement on Monday followed Allwyn’s repositioning strategy, which included launching a digital unit under former Betfred US CEO Kresimir Spajic’s leadership. In the UK, Allwyn runs the National Lottery and completed one of the largest retail lottery technology changes in August, replacing all lottery terminals nationwide.

Through this acquisition, Allwyn gained entry into the US DFS and betting industry, with its Illinois Lottery operation being the company’s only existing US connection. Allwyn will purchase 62.3% of PrizePicks, paying an initial cash amount of $1.6 billion, which values PrizePicks’ enterprise at $2.5 billion upfront. If performance targets are achieved within three years, the enterprise value for PrizePicks could increase further to $4.15 billion.

The closing of this deal is anticipated in the first half of 2026, pending fulfilment of specified closing conditions. CEO Mike Ybarra and his leadership team will maintain day-to-day control of PrizePicks, operating it as a standalone brand inside Allwyn while holding most of their ownership.

Customer Base in the Millions for PrizePicks

PrizePicks, founded in 2015, is active in 45 US states and claims its position as one of the fastest-expanding DFS platforms. In July 2024, PrizePicks engaged investment bank Moelis & Co to evaluate sale opportunities, including mergers and acquisitions. Unlike traditional DFS providers requiring full team drafts, PrizePicks offers users over/under predictions on single player statistics and fantasy scores. Co-Founder Adam Wexler will also serve on the board of directors for PrizePicks, which will see.

Wexler stated that the Allwyn acquisition delivers the financial resources required to accelerate the company’s growth trajectory. “With Allwyn’s support, we plan to expand faster and bring our games to more players worldwide,” said Wexler. PrizePicks CEO Mike Ybarra noted: “This moment represents the beginning of a fresh chapter for PrizePicks and its expanding player community.” He added: “Partnering with Allwyn, which shares our drive for product innovation, will advance our mission of making fantasy sports more interactive and rewarding globally.” Allwyn CEO Robert Chvatal expressed optimism that this, the largest US investment by Allwyn, will strengthen its business growth across the market.

Chvatal commented: “PrizePicks empowers fans who want active engagement with sports and athletes instead of passive viewing.” He concluded: “Our platform simplifies skilled prediction processes through its intuitive design.”