Who Owns PrizePicks?

PrizePicks was founded in Atlanta, Georgia in 2015 by Adam Wexler and Jay Deuskar. The company launched during the daily fantasy sports boom created by DraftKings and FanDuel, but built a different product: rather than salary-cap drafts against large player pools, PrizePicks offered pick'em-style contests where users select whether individual athletes will exceed or fall short of statistical projections.

The simplified format attracted casual players alienated by the complex, shark-dominated tournament ecosystems of traditional DFS. PrizePicks grew steadily through the late 2010s as a smaller alternative to the market leaders, then accelerated sharply when legal sports betting expanded across the US and consumer appetite for player-prop-style wagering grew.

A key strategic shift came in 2022, when Mike Ybarra, a veteran Microsoft and Blizzard executive, joined as CEO. Under Ybarra, the company rebuilt its product, introduced free-to-play and peer-to-peer Arena formats, expanded into more than 45 US jurisdictions, and became the largest DFS operator in North America by player count.

The company navigated a shifting regulatory environment, exiting certain states under legal pressure while adapting its product to comply with state-specific fantasy sports rules. In 2024 it reached a settlement with New York regulators and exited that market. It subsequently moved into licensed prediction markets, launching Team and Culture prediction products in 2025.

The September 2025 Allwyn transaction was the company's defining financial event. The $1.6 billion initial cash consideration for a 62.3 percent stake valued PrizePicks at $2.5 billion upfront, with the potential to reach $4.15 billion if performance targets through 2029 are met. The company committed to maintaining its Atlanta headquarters as part of the transaction.