Allwyn has closed its majority investment in PrizePicks, putting a lottery-led European group in control of one of North America’s largest daily fantasy sports operators and turns its view to sports betting contracts and prediction markets in the US.
The transaction gives Allwyn a large platform in markets where regulation and product formats are evolving quickly, and it lands as PrizePicks pushes deeper into event contracts that are akin to the emerging prediction markets category.
Allwyn closes $1.53bn purchase of PrizePicks stake
Allwyn acquired a 62.3% stake in PrizePicks for $1.533 billion, subject to customary post-closing adjustments and excluding any performance-based earnouts. PrizePicks had no outstanding loans or borrowings at closing.
The companies first announced the agreement on September 22, 2025. At that time, Allwyn said the deal implied an upfront enterprise value of $2.5 billion for PrizePicks, with the final economics also tied to earnouts if targets are met.
Allwyn arranged acquisition financing ahead of closing, with the company previously disclosing a mix of facilities and balance sheet cash to fund the purchase.
Allwyn deepens US push with fantasy sports platform
Allwyn has been building out a broader gaming and casual entertainment footprint beyond its core lottery operations, with a clear focus on digital channels and the US. PrizePicks gives it a scaled consumer brand in a category that has operated across most US jurisdictions under fantasy sports rules.
Allwyn positioned the deal as a portfolio move rather than a one-off bet on sports. The company said the investment supports its plan to build a diversified global entertainment platform and strengthens its presence in the United States.
For PrizePicks, the appeal is stable capital and operational support without a reset of leadership. The companies said the partnership is intended to support long-term development while maintaining continuity and agility at the operator.
PrizePicks adds prediction markets to core fantasy business
Since the deal was announced, PrizePicks added products that move beyond classic player-stat fantasy formats. The company launched a regulated prediction markets offering in November and said that rollout extended its footprint to nearly every US state.
Within the app, PrizePicks introduced Team Picks, which focuses on team outcomes and is live in 30 states and Washington, DC. It also introduced Culture Picks, which covers cultural and entertainment outcomes and is live in 48 states and DC.
PrizePicks has tied that offering to a federal registration posture. Its disclosure around the product describes the event contracts as offered through a CFTC-registered futures commission merchant and National Futures Association member.
PrizePicks adds prediction markets to core fantasy business
Allwyn is buying into a platform that is already scaled and has room to push new formats quickly without rebuilding core infrastructure. PrizePicks’ lack of debt at closing also gives the combined group more flexibility as product lines expand and as compliance costs shift with new formats.
The companies also pointed to relationships in the prediction space, including partnerships with Kalshi and Polymarket, as part of PrizePicks’ push into event contracts. That matters because it links the operator’s growth story to a category that is drawing increasing attention from regulators and state gaming authorities.
Allwyn’s angle is leverage. It is not starting from zero in the US, and it now has a majority position in a consumer platform that can test and scale new engagement products while Allwyn focuses on funding, oversight, and longer-term operational discipline.
Regulatory risk and earnouts shape next phase
The immediate question is how fast PrizePicks can grow the newer event-contract products while maintaining a stable compliance posture across jurisdictions. The company is framing those products within a federal registration structure, but prediction-style offerings tied to sports outcomes are becoming a legal and political battleground in multiple states.
A second variable is the total price. Allwyn’s closing announcement carved out performance-based earnings from the $1.533 billion closing consideration, leaving open the possibility of additional payments if the business hits agreed targets over time.
For Allwyn, the deal is a statement that its US strategy is moving from lottery adjacency into sports-led entertainment. For PrizePicks, it is a shift from rapid growth as an independent operator to the next phase under a majority owner that expects scale, controls, and product expansion to move together.
