itstargetnews
Gaming firm Allwyn’s deal to acquire a majority stake in fantasy sports operator PrizePicks has been completed, closing at $1.533 billion.
Allwyn, best known for its lottery services, has deal closed to get PrizePicksthe leading fantasy sports operator in the US, with a 62.3% majority stake. The closing deal value is $1.533 billion, excluding performance-based payments and any post-closing adjustments.
Allwyn, based in Switzerland "lottery led gaming entertainment company," announced that it has closed its first announced deal to purchase a majority stake in DFS/prediction market operator PrizePicks for ~$1.5B (excl. "performance-based earnings"). pic.twitter.com/8COM0oca4Y
– Geoff Zochodne (@GeoffZochodne) January 16, 2026
The deal represents a push from Allwyn to expand into casual entertainment, with PrizePicks known for quickly reacting to market changes and expanding into new territories. The deal was first announced on September 22, 2025, quickly followed by PrizePicks’ announcement of enter the prediction market sector in November.
“We are excited to support and participate in the next phase of PrizePicks’ development,” said Robert Chvatal, Chief Executive Officer of Allwyn. “This investment advances Allwyn’s strategy to create a diverse global entertainment platform and further strengthens our presence in the United States. I look forward to working closely with Mike and the talented team at PrizePicks to deliver even more engaging experiences for fans around the world.”
PrizePicks and Allwyn aim to grow by 2026
Likewise expanding into more American markets throughout 2025, PrizePicks has spent the last year developing new features. That includes Team Picks, where users can play based on team performance rather than just individuals, and Culture Picks, where users can predict events related to culture and entertainment as well as sports.
“Today marks a defining moment for PrizePicks. Allwyn’s global scale, operational expertise, and long-term approach make them an ideal partner as we continue to grow and develop,” said Mike Ybarra, Chief Executive Officer of PrizePicks. “Together, we will build on our strong momentum and deliver new products that deepen engagement with our growing community of players.”
The message from PrizePicks and Allwyn suggests that 2026 will focus on further growth for both brands, with reference to using “their combined strengths to accelerate product innovation”.
“From the beginning, we built PrizePicks by putting our community first and focusing on delivering an industry-leading member experience,” said Adam Wexler, Founder and PrizePicks Board Member. “As we look ahead to the next phase of PrizePicks’ growth, it’s become clear that Allwyn shares our customer-first philosophy and our vision for the future of entertainment. I couldn’t be more excited to work with the Allwyn leadership team as PrizePicks continues to transform the world of sports and culture predictions.”
Featured image: Allwyn
The post Allwyn completes $1.5 billion deal to acquire majority stake in PrizePicks first appeared in ReadWrite.
