Allwyn  is moving into U.S. DFS with a big swing. The European lottery group agreed to take a 62.3% stake in PrizePicks for USD 1.6bn (ca. EUR 1.4bn) The Allwyn PrizePicks acquisition pegs an upfront USD 2.5bn (ca. EUR 2.1bn) enterprise value, with more possible if targets are hit. See more details:

• Deal terms: Allwyn will acquire a 62.3% stake in PrizePicks for USD 1.6bn (ca. EUR 1.4bn), valuing the DFS (“Daily Fantasy Sports”) operator at USD 2.5bn (ca. EUR 2.1bn) upfront, with earn-outs lifting the potential value to USD 4.15bn (ca. EUR 3.5bn).

• Closing timeline: The transaction is expected to complete in the first half of 2026, subject to regulatory approvals. Funding will come from a mix of cash on hand and debt.

• PrizePicks performance: The operator generated USD 39m (ca. EUR 33m) adjusted EBITDA in the 12 months to June 2025, with revenue growth above 60% year-on-year.

• Management and operations: PrizePicks will continue as a standalone brand under CEO Mike Ybarra, with co-founder Adam Wexler staying on the board. Leadership retains most of its ownership interest.

• Strategic rationale: The acquisition strengthens Allwyn’s U.S. footprint, adding to its Illinois Lottery operations and prior stakes in Instant Win Gaming and Novibet, while enhancing its casual entertainment and DFS portfolio.

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