Allwyn International has announced the completion of its agreement to acquire a 62.3% stake in PrizePicks for $1.53bn (£1.13bn).
Should the DFS operator hit certain performance targets over the next three years, an additional $1bn cash will be paid out by Allwyn.
The Switzerland-based operator, which announced a €16bn merger with OPAP last October, said the deal formed part of its plan to “become the world’s leading global gaming entertainment company”.
Since the initial announcement in September last year, PrizePicks has launched a regulated prediction markets offering which has expanded its US presence significantly.
PrizePicks went into partnership with designated contract markets Kalshi and Polymarket to make the offering possible.
The American operator’s tech platform and “unique approach to engagement” made it highly attractive to Allwyn, according to the Swiss outfit.
Robert Chvátal, Allwyn CEO, said: “We are excited to support and participate in the next phase of PrizePicks’ growth.
“This investment advances Allwyn’s strategy to build a diversified global entertainment platform and significantly strengthens our presence in the United States.
“I look forward to working closely with Mike [Ybarra] and the talented PrizePicks team to deliver even more compelling experiences for fans around the world.”
Mike Ybarra, CEO of PrizePicks, said the deal marked a “a defining moment” for the company.
“Allwyn’s global scale, operational expertise and long-term approach make them an ideal partner as we continue to grow and evolve,” he added.
“Together, we will build on our strong momentum and deliver innovative products that deepen engagement with our growing community of players.”
Adam Wexler, founder and PrizePicks board member, said: “From the beginning, we built PrizePicks by putting our community first and focusing on delivering an industry-leading member experience.
“As we looked ahead to the next phase of PrizePicks’ growth, it became clear Allwyn shares our customer-first philosophy and our vision for the future of entertainment.
“I could not be more excited to collaborate with the Allwyn leadership team as PrizePicks continues to innovate in the world of sports and culture predictions.”
The operator noted the deal was subject to customary post-closing adjustments and that PrizePicks had no outstanding loans or borrowings.
Allwyn also took a majority stake in Greek operator Novibet at the end of 2024 for €217m.
The post Allwyn completes PrizePicks acquisition first appeared on EGR Intel.
Since the deal was first announced last September, the DFS operator has launched a prediction markets platform
The post Allwyn completes PrizePicks acquisition first appeared on EGR Intel.