European lottery leader Allwyn International AG has announced plans to acquire a 62.3% stake in PrizePicks, North America’s largest daily fantasy sports (DFS) platform. The transaction, valued at an initial $1.6 billion, positions Allwyn to expand its reach in the U.S. gaming market, building on its presence as operator of the Illinois Lottery.
This move assigns an upfront enterprise value of $2.5 billion to PrizePicks. However, the deal could ultimately rise to $4.15 billion if certain financial performance benchmarks are achieved between 2026 and 2028. The acquisition is slated to close in the first half of 2026, pending regulatory approval and other standard conditions.
PrizePicks to Remain Independent Under New Ownership
Founded in 2015, PrizePicks has redefined fantasy sports through an innovative model that allows fans to make predictions on player performance rather than drafting full teams. This accessible format has attracted millions of monthly users across 45 U.S. jurisdictions, making it one of the fastest-growing DFS operators in the country.
PrizePicks will continue to operate as a standalone brand within Allwyn. The company’s CEO, Mike Ybarra, along with his current leadership team, will remain in charge and retain a majority of their existing ownership. Co-founder Adam Wexler will also stay on as a member of the board of directors.
“This is the start of an exciting new chapter for PrizePicks and our growing community of players,” said Ybarra. “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.”
Strong Financials Drive High Valuation
In the 12 months ending June 2025, PrizePicks posted adjusted EBITDA of $339 million, driven by more than 60% year-over-year revenue growth. These robust financials have helped position the platform as a profitable and scalable business, with strong cash flow and a loyal user base.
PrizePicks began exploring acquisition options in July 2024, hiring Moelis & Co to assist in identifying strategic opportunities.
Allwyn’s interest in the DFS platform stems from a broader strategy to diversify its entertainment offerings. “This acquisition will continue to drive Allwyn’s momentum and expand our business in the United States,” said Karel Komarek, Allwyn’s Founder and Chair. “PrizePicks has established its credentials as an industry pioneer, revolutionising the way fans engage with the athletes they love.”
Allwyn CEO Robert Chvatal called the acquisition a “significant European investment,” noting: “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.”
DFS Seen as Key Growth Frontier for Allwyn
The acquisition comes amid a larger transformation for Allwyn, which has recently made several strategic moves, including acquiring a 70% stake in Instant Win Gaming in 2024 and announcing plans to take a controlling interest in Novibet. These efforts aim to build Allwyn’s presence in fast-growing digital and sports-related entertainment sectors.
Stepan Dlouhy, Allwyn’s Chief Investment Officer, emphasized the importance of the DFS acquisition: “PrizePicks fits perfectly into our vision of shaping the future of mass market casual digital entertainment and is poised for further strong growth.”
Source:
“Allwyn to acquire majority stake in PrizePicks, creating a new force in global entertainment”, prnewswire.com, Sep 22, 2025.
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