Allwyn Buys Majority stake in PrizePicks
New England Council member, Allwyn, announced that it will acquire a large stake in PrizePicks, a fantasy sports app. Allwyn is an international leader in lottery and entertainment with a presence in Boston, and this move gives them key access to the growing sports betting industry. This acquisition will help position Allwyn as a sports entertainment leader as well.
PrizePicks is currently the U.S.’s largest daily fantasy sports platform, and Allwyn has agreed to purchase 62.3% of it for an initial $1.6 billion, implying an upfront enterprise value of $2.5 billion.
Karel Komarek, Allwyn Founder and Chair, said: “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, revolutionizing the way fans engage with the athletes they love, making the contests more thrilling and immersive. We are excited to work with PrizePicks to shape the future of this new frontier in casual entertainment.”
The New England Council congratulates Allwyn on this exciting investment.
Read more via Reuters