PrizePicks has officially retired its traditional against-the-house daily fantasy sports (DFS) contests across the United States. As of August 22, the company now exclusively offers its peer-to-peer Arena format in all jurisdictions where it operates, a shift confirmed by a company spokesperson.
“We are excited to offer players a more social and engaging DFS product that sets the standard for future innovation in the DFS industry,” the spokesperson said, highlighting the strategic nature of the transition.
The Arena format, introduced in January 2024, pits users against each other rather than the operator. Players pay an entry fee and build lineups to compete within their groups for cash prizes. This shift in gameplay structure is viewed as a response to mounting legal scrutiny around the Pick’Em model, which regulators in some states have equated with sports betting.
Regulatory Pressures Spark Strategic Pivot
PrizePicks’ move follows a trend of adjusting offerings in markets with unclear or unfavorable regulatory stances. Notably, the company ended its Pick’Em contests in California on June 30—shortly before state Attorney General Rob Bonta issued a legal opinion stating that all DFS formats, including both peer-to-peer and house-banked contests, violate California’s sports betting laws.
Other operators, including Underdog, have mirrored this pivot in states like California, with some challenging state rulings through litigation.
Although Pick’Em contests were available in 17 states and Washington, D.C., the company had already been selectively replacing the format with Arena in locations under regulatory pressure. With this full transition, Arena now serves as PrizePicks’ standard across its U.S. and Canadian markets—except Ontario, where it does not currently operate.
PrizePicks Expands Reach While Exploring New Markets
As of August 25, PrizePicks operates DFS contests in 45 U.S. states, Washington, D.C., and all Canadian provinces except Ontario. It recently became the first DFS operator licensed in Puerto Rico, with additional approval in Maine. Once Arena is active in these areas, the company will have a presence in 47 jurisdictions.
In 10 U.S. states—including New York, New Jersey, and Pennsylvania—players can only access PrizePicks’ free-to-play “Streak” product due to regulatory limitations on real-money DFS.
Meanwhile, signs point to the company exploring a future beyond fantasy sports. PrizePicks’ legal entity, Performance Predictions II LLC, appears in the National Futures Association (NFA) database as a pending member. The company has applied for registration as a Futures Commission Merchant and Swap Firm, both necessary steps toward potential oversight by the Commodity Futures Trading Commission (CFTC).
CEO Mike Ybarra is listed as the head of the NFA-registered entity, aligning with broader industry interest in regulated prediction markets. Other applicants include entities affiliated with DraftKings, Fanatics Betting and Gaming, and Underdog.
PrizePicks’ shift to Arena reflects both evolving consumer preferences and the increasing complexity of DFS regulations nationwide. As the legal landscape continues to develop, operators are positioning themselves to adapt—whether through restructured contests or entirely new market segments.
Source:
“PrizePicks switches DFS offering to P2P Arena play only across US”, sbcamericas.com, August 26, 2025
The post PrizePicks Phases Out Pick’Em, Goes All-In on Peer-to-Peer Arena first appeared on RealMoneyAction.com.