ATLANTA — A Swiss company has announced it is purchasing a majority stake in Atlanta-based PrizePicks, a leading daily fantasy sports operator, for an initial cash consideration of $1.6 billion.
The acquisition agreement by Allwyn International AG, which values PrizePicks at an upfront value of $2.5 billion, includes potential additional payments based on PrizePicks’ performance over the next three years, which could increase the value to a maximum of $4.15 billion.
Mike Ybarra, CEO of PrizePicks, commented on the partnership, saying, “Today marks the start of an exciting new chapter for PrizePicks and our growing community of players.”
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PrizePicks, founded in 2015, has attracted millions of monthly active users.
Allwyn’s acquisition of PrizePicks represents a move to enter the U.S. sports and entertainment market, expanding its business beyond its existing operation of the Illinois Lottery.
PrizePicks will continue to operate as a standalone brand within Allwyn, led by Ybarra and the existing leadership team. Adam Wexler, co-founder of PrizePicks, will remain on the Board of Directors.
The transaction is expected to close in the first half of 2026. Allwyn plans to finance the purchase using a combination of cash on hand and debt financing.
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