PrizePicks has received an interactive fantasy sports license approved by the New York State Gaming Commission (NYSGC), marking its revival in the state nearly two years after settling issues with the regulator.
The North American fantasy sports provider plans to launch its new peer-to-peer (P2P) fantasy offering in New York shortly.
«New York is home to some of the most passionate sports fans in the nation, and we are excited to bring back PrizePicks,» stated PrizePicks CEO Mike Ybarra. «We look forward to delivering an exceptional entertainment experience that enhances their engagement on game day and beyond.»
PrizePicks’ return follows a $15 million settlement with the NYSGC in 2024, resolving allegations of operating contests without the proper licensing from 2019 to 2023. Since then, the company has worked closely with state authorities to ensure compliance with New York’s updated fantasy sports regulations, which were expanded in 2023.
The approval of the license makes New York the 16th region to officially recognize PrizePicks’ fantasy contests as skill-based games under state law.
PrizePicks introduces P2P platform to New York
The New York rollout will include PrizePicks Arena, the company’s P2P platform launched in 2024. This format allows users to compete against each other by paying entry fees for a chance to win prizes based on their group lineup performance.
«We are grateful to the New York State Gaming Commission for their collaboration and acknowledgment of our peer-to-peer offering as a fantasy sports contest,» said Jason Barclay, Head of Public Policy and Chief Legal Officer at PrizePicks.
«We have put significant effort into creating a game that aligns with the Commission’s stringent standards, and New York’s decision highlights the potential for innovation in fantasy sports within a well-defined regulatory environment,» Barclay added.
In addition to traditional sports, PrizePicks continues to broaden its offerings with The Esports Lab, a fantasy esports platform that features statistics and guides for major esports tournaments in games such as CS2, Dota 2, and League of Legends.
Furthermore, PrizePicks has gained momentum through its recent acquisition deal with European lottery giant Allwyn International AG. The $2.5 billion transaction, completed earlier this year, grants Allwyn a majority stake in PrizePicks, marking its largest U.S. investment to date.
This partnership is expected to enhance PrizePicks’ growth and innovation by merging its U.S. fantasy sports expertise with Allwyn’s international gaming resources.
