PrizePicks picks up New York gaming licence

PrizePicks is returning to New York after a year-long absence, following the acquisition and regulatory hurdles. During the hiatus, the company redesigned its fantasy sports offering from an ‘against-the-house’ system to a more regulator-friendly ‘peer-to-peer’ model. Since reaching a legal settlement with the New York Gaming Commission in 2024—which included a nearly $15 million payment—PrizePicks has worked closely with regulators to develop a compliant product. The new platform is expected to launch within weeks. PrizePicks has recently gained approval as a Futures Commission Merchant, enabling it to facilitate prediction contract exchanges. Part of Allwyn since a $1.6 billion acquisition in September, PrizePicks’ license approval signals confidence from regulators, especially after previous restrictions on prop betting contests. The company’s backing by Allwyn positions it to challenge industry leaders like DraftKings and FanDuel.