PrizePicks relaunches in New York with peer-to-peer DFS | Yogonet International

Summary

PrizePicks has returned to New York after securing an interactive daily fantasy sports (DFS) licence from the New York State Gaming Commission (NYSGC). The Atlanta-based operator exited the state in 2024 when regulators clamped down on against-the-house, pick’em-style contests. It now relaunches using its peer-to-peer (P2P) product, PrizePicks Arena, which lets players compete against one another rather than the house. The move follows a US$15 million settlement with the NYSGC over unlicensed wagering activity between June 2019 and December 2023 and the company’s subsequent licensing in October 2025. New York is the 16th state to approve PrizePicks’ fantasy contests. The relaunch comes under new majority ownership after European lottery operator Allwyn bought a 62.3% stake, and amid PrizePicks’ broader expansion into event contract trading via partnerships with Kalshi and Polymarket.

Key Points

PrizePicks obtained an interactive DFS licence from the New York State Gaming Commission and has relaunched in New York with a peer-to-peer product, PrizePicks Arena.
The company left New York in 2024 after regulators restricted against-the-house, pick’em-style contests, then pivoted to P2P-only products across the US.
PrizePicks paid a US$15 million settlement to the NYSGC for operating without a wagering licence for contests run between June 2019 and December 2023; the amount was tied to revenue from those contests.
New York is now the 16th state to approve PrizePicks’ fantasy contests, enabling the company to operate its P2P model in the state.
PrizePicks is under new majority ownership after Allwyn purchased a 62.3% stake, valuing the deal at about US$1.5bn with potential earnouts.
The company is diversifying beyond DFS into event contract trading, working with Kalshi and offering Polymarket contracts via its app; NY regulators are reassessing prediction market licensing as a result.

Why should I read this?

Quick version: PrizePicks is back in New York but it isn’t the same product — it’s P2P now. If you work in gaming, regulation or betting product strategy, this affects market access, competitive dynamics and how operators skirt ‘against-the-house’ rules. Worth a read to see how settlement, licensing and acquisition changed the playbook.

Context and relevance

This relaunch matters because it highlights how operators adapt product design to meet regulatory requirements (moving from house-run pick’em contests to P2P). The NYSGC settlement and later licensing show regulators are prepared to enforce past breaches but also permit re-entry under a regulated model. PrizePicks’ ownership change (Allwyn majority stake) and expansion into event contract trading signal broader consolidation and product diversification in the US gaming market. For regulators, operators and investors, this is an indicator of evolving compliance strategies and the growing interplay between DFS, prediction markets and traditional lottery groups.

Author style

Punchy: This is more than a comeback — it’s a strategic reset. If you follow market openings, regulation or M&A in gaming, the detail here matters. Read the bits about the settlement, licence and Allwyn acquisition — they explain why PrizePicks can re-enter differently this time.