Overview

• Allwyn agreed to acquire a 62.3% stake in PrizePicks for cash at an implied current enterprise value of about $2.5 billion.
• The companies expect the transaction to close in the first half of 2026, with Allwyn funding the purchase through a mix of cash and debt.
• PrizePicks will remain a standalone brand under its existing leadership, with CEO Mike Ybarra continuing and co-founder Adam Wexler staying on the board.
• The fantasy sports operator reported adjusted EBITDA of $339 million in the year to June 2025 and more than 60% year-on-year revenue growth, serving millions of monthly users across roughly 45 states.
• Allwyn, backed by KKCG and operator of major lotteries including the UK National Lottery, frames the deal as a U.S. growth move as lines blur between fantasy sports, sports betting and prediction markets.