PrizePicks has officially made its comeback in New York after receiving a daily fantasy sports license from the New York State Gaming Commission, reintroducing its services with a peer-to-peer offering known as PrizePicks Arena.
The company based in Atlanta previously exited the state in 2024 due to regulatory changes impacting against-the-house, pick’em-style contests that were similar to proposition betting.
Launched nationally in January 2024, Arena lets users compete against each other by paying entry fees for a chance to win prizes through player lineups. The P2P structure has allowed PrizePicks to function in areas with restrictions or bans on against-the-house DFS contests. The company pivoted to P2P-only offerings nationwide last summer.
“Our return to New York signifies the state’s willingness to adopt innovative gaming solutions,” stated PrizePicks SVP of Government Affairs, Nick Zabriskie. “Players deserve a dynamic environment that enables them to experience their preferred games within a regulated framework.”
PrizePicks’ revival follows a $15 million settlement with the NYSGC in February 2024, after regulators concluded that the company operated without a valid wagering license. The commission found that between June 2019 and December 2023, PrizePicks accepted entries that functioned as sports wagers without the necessary authorization.
The settlement was directly related to revenues from these unauthorized contests. However, relationships improved, leading to the NYSGC granting PrizePicks a fantasy sports license in October 2025, paving the way for the company to return to the market with its P2P model.
Now, New York becomes the 16th state to endorse PrizePicks’ fantasy contests.
PrizePicks is relaunching in the Empire State under altered ownership. Recently, European lottery entity Allwyn secured a 62.3% stake in the organization, with the total deal valued at approximately $1.5 billion, with scope for further performance-based payments.
In addition to its DFS transition, PrizePicks has ventured into event contract trading. Last November, the company introduced event contracts via a subsidiary registered as a futures commission merchant with the Commodity Futures Trading Commission and announced a long-term partnership with Kalshi. PrizePicks has also inked a deal to provide Polymarket contracts through its application.
Shortly after these developments, and weeks after receiving its DFS license, NYSGC Chair Brian O’Dwyer noted in November that the commission would reevaluate the licensing status of prediction market players in the state.