Allwyn splashes $2.5b on fantasy sports betting company PrizePicks

Allwyn International AG has finalized a landmark $2.5 billion agreement to secure a majority stake in PrizePicks, North America’s largest daily fantasy sports platform.

This acquisition marks Allwyn’s most significant U.S. investment to date and positions the European lottery powerhouse as a major force in the rapidly growing sports entertainment market. For PrizePicks, the deal brings new opportunities to scale its innovative platform with the backing of Allwyn’s global expertise and resources.

The structure of the agreement highlights both the immediate and long-term ambitions of the two companies. Allwyn will initially invest $1.6 billion in cash to acquire approximately 62.3 percent of PrizePicks, valuing the business at $2.5 billion. The deal includes customary post-closing adjustments, while performance-based incentives could push the overall transaction value to as high as $4.15 billion by 2029.

PrizePicks enters this deal on a strong trajectory, having recorded over 60 percent year-over-year growth and $339 million in adjusted EBITDA for the 12 months ending June 2025. Its reach spans more than 45 U.S. jurisdictions, with millions of active users engaging each month, making it one of the leading daily fantasy sports platforms. Since its founding in 2015, the platform has differentiated itself with creative game formats, peer-to-peer tournaments, and free-to-play experiences, cultivating a loyal community of sports fans nationwide.

For Allwyn, this acquisition opens a critical gateway into the U.S. sports and entertainment industry, complementing its existing Illinois Lottery operations and aligning with its vision to become the world’s leading casual gaming entertainment company.

Both organizations share commitments to technology-driven innovation, responsible play, and building strong community connections, making the partnership strategically sound. With Allwyn’s scale and resources, PrizePicks can expand its offerings, accelerate innovation, and bring its games to a much broader audience without losing its fan-first focus.

This deal not only underscores the accelerating growth of the fantasy sports industry but also highlights the increasing consolidation of gaming and entertainment sectors as global operators look to capture the evolving interests of modern sports fans. Allwyn’s investment signals confidence in both the future of daily fantasy sports and PrizePicks’ role as a trailblazer in reshaping digital fan engagement.