Written by :
Published on :
It's official, Swiss-based lottery and gaming company Allwyn International AG is now running the show at one of the fastest growing daily fantasy sports companies.
The planned acquisition of PrizePicks by Allwyn International AG was first announced in September of this past year.
Based in Atlanta, PrizePicks has encountered contentious legal issues due to its distinction as a DFS operator, as opposed to a sportsbook.
Robert Chvatal, Chief Executive Officer of Allwyn, 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 and the talented PrizePicks team to deliver even more compelling experiences for fans around the world.”
Mike Ybarra, Chief Executive Officer of PrizePicks, said, “Today marks a defining moment for PrizePicks. Allwyn’s global scale, operational expertise, and long-term approach make them an ideal partner as we continue to grow and evolve. 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 that 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.”
PrizePicks home state of Georgia does not regulate sports betting, though DFS sites, sweepstakes sites, Pay Per Head bookies, prediction markets and offshore sportsbooks still thrive here.
Wexler Reflects on PrizePicks Next Phase and His Time Running Company
If you didn’t catch it yet, January 16th was a momentous day at PrizePicks: We closed our strategic investment and officially joined forces with Allwyn.
I'm super excited about how the partnership will turbocharge our ability to deliver a best-in-class fan engagement experience and look forward to helping steer the future vision from the Board level, but after more than a decade day-to-day in the gaming industry, it also marked my last day as the Executive Chairman.
When I first tasted product/market fit with GoRankem, my original music discovery platform during the first chapter of my career, I knew I had to get back to B2C tech. It was a fun ride building one of the earliest B2B influencer marketing platforms, but I knew I had to scratch my itch again to build consumer products. I read the book 'You Only Have to be Right Once,' and it really left an indelible impression on me.
I entered the fantasy sports space as an entrepreneur in Summer 2014, but it wasn’t until Fall 2017 when what would become PrizePicks had crystallized. As much as it came natural to be a public-facing Founder for GoRankem & Insightpool and I spoke at countless events, I chose to operate more internally-facing with PrizePicks. It also didn’t help that a lot of the spare time I had in non-regulated industries was swallowed up by the Public Affairs efforts at PrizePicks to pass more fantasy sports legislation and stave off the anti-competitive behavior of the fantasy sports operator incumbents.
Going forward, there’s so many stories to tell from my entrepreneurial journey, and I can’t wait to share them in the months to come as I appear on entrepreneurship, business, technology & entertainment podcasts as well as speak at some select conferences. If you have any programs that I should have top of mind, do let me know.
When we announced the deal, I said we did what Jay and I said we were going to do originally. In addition to bringing a major B2C tech W to ATL, it became even more clear in recent memory how much Metro Atlanta & beyond stand to benefit from the PrizePicks/Allwyn deal. Many lives were changed earlier this month, and while the team has a big couple months & years ahead, there will be many more angel investors, talented employees and future entrepreneurs who emerge from the PrizePicks tree over the long haul. I gotta say that’s a special feeling :)
I may be leaving the day to day of PrizePicks, but I look forward to staying engaged. Between my innate connection to the brand and my active Board seat going forward, I won’t be too far removed. I remain invigorated by everything PrizePicks can still do ahead and look forward to seeing the business expand further under Mike Ybarra's watch.
But, as I posted a handful of years ago, I had unfinished business. It’s time for that chapter to commence. More to come very soon!
- Aaron Goldstein, Gambling911.com
