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Allwyn International, best known for its global lottery business, has reached an agreement to take a majority stake in PrizePicks, the fast-growing US fantasy operator.
Good to know
Allwyn already runs the Illinois lottery and holds a stake in IWG, but this deal signals something new. Rather than staying within traditional lottery, the company is betting big on fantasy sports. For Allwyn, it’s not just about buying into a popular platform—it’s about tapping into how US fans interact with sports on a daily basis.
PrizePicks, founded by Adam Wexler, has gone through highs and lows. It nearly folded during the pandemic but has since become one of the most active fantasy platforms in America, even while facing tough rivals like FanDuel and DraftKings. In the year ending June 2025, PrizePicks reported an adjusted EBITDA of $339 million, showing how far it has come.
The agreement includes an initial cash payout of $1.6 billion, with up to another $1 billion based on future performance. That pushes the potential enterprise value of the business to $4.15 billion. Despite the sale, the PrizePicks team is not going anywhere. Mike Ybarra, who joined from Activision Blizzard, will continue as CEO, while Wexler stays actively involved.
Wexler expressed confidence in the next phase, saying:
“Now, with Allwyn’s backing, we’ll accelerate our vision and bring our games to even more players on a much bigger stage.”
The timing makes sense. In 2025, Allwyn named Kresimir Spajic as CEO of Allwyn Digital, a division created to focus on global betting and entertainment. Spajic had previously led Betfred USA, and his experience shows how intent the company is on building a foothold in the American market.
Allwyn CEO Robert Chvatal explained the importance of the deal:
“This is a significant European investment, and Allwyn’s biggest in the US to date. PrizePicks is an entrepreneurial company that is empowering a new generation of fans who want to engage with their favourite sports and athletes, not just spectate.”
Founder and Chair Karel Komarek added:
“This acquisition will continue to drive Allwyn’s momentum and expand our business in the United States. PrizePicks has established its credentials as an industry pioneer, revolutionising the way fans engage with the athletes they love, making the contests more thrilling and immersive.”
In recent months, PrizePicks shifted its model from “pick ’em” contests to a peer-to-peer structure. The change, paired with the appointment of Todd Grossman as Director of Gaming Regulatory Compliance, was designed to ease concerns from US regulators. That reset appears to have reassured Allwyn, which now sees the company as ready for long-term growth.
Allwyn’s plan is clear—combine lottery strength with fantasy sports reach. Together, they now cover almost every corner of casual gaming in North America. With access to 45 states instead of just Illinois, the company sees strong crossover potential between lottery players and fantasy sports fans.
Chief Investment Officer Stepan Dlouhy framed it as part of a larger journey:
“We took the first step in 2023 with the acquisition of the operator of the Illinois lottery and were pleased to subsequently acquire a majority stake in IWG in 2024. Today, we announce the next major milestone. PrizePicks fits perfectly into our vision of shaping the future of mass market casual digital entertainment and is poised for further strong growth.”