Published on: February 10, 2026, 02:48h.
Updated on: February 11, 2026, 04:22h.
- The Tourbillon watch symbolizes a token of gratitude from PrizePicks as they sell majority ownership to Allwyn.
- This acquisition values the enterprise at approximately $4.15 billion.
- Phil Hellmuth was an initial investor in PrizePicks.
Poker icon Phil Hellmuth knows how to express his gratitude. Just ask Adam Wexler, the founder and former CEO of PrizePicks.
On Monday, Hellmuth shared a video on X featuring himself and Wexler at an upscale watch store, revealing his extravagant gift to Wexler for facilitating the sale of a majority stake in PrizePicks.
We sold PrizePicks for $4.1 billion. I was honored to be an Advisor to Adam and an investor. Now I’m treating my cherished CEO/Founder Adam to a Tourbillon watch—with a starting price of $100,000—as a gratitude token,” the poker champion wrote on social media.
The deal in question was announced last September when PrizePicks, initially established as a daily fantasy sports (DFS) platform, sold 62.3% of its shares to lottery operator Allwyn for an immediate cash influx of $1.6 billion, establishing an enterprise valuation of $2.5 billion for the company.
If PrizePicks achieves specific financial metrics over three years from the transaction’s conclusion, Allwyn could increase its cash payment by an additional $1 billion, raising the valuation of Wexler’s brand to $4.15 billion.
Hellmuth’s Investment Prowess
Regarded as one of the greatest poker players in history, Hellmuth also boasts a remarkable investing track record.
He was part of a group that invested in PrizePicks in 2020, reportedly providing $850,000 in capital to the gaming company. Some estimates indicate that his investment’s worth could have surged to as high as $20 million.
In the same year, Hellmuth also placed $300,000 into SPAC dMY Technology Group Inc., which later merged with Rush Street Interactive (NYSE: RSI), enabling the iGaming company to go public. In July 2024, Hellmuth sold his Rush Street holdings for $1.65 million, although he still serves as a brand ambassador for the company. He even wore a Bet Rivers cap while acquiring the watch for Wexler.
However, like any investor, Hellmuth has made missteps. He has confessed to missing the opportunity to invest in Bitcoin at $90, a tip from several investment-savvy friends. Other accounts suggest he had a chance to invest $15,000 in a certain company that might have transformed into an astonishing $80 million for him.
PrizePicks: A Growing Force in Prediction Markets
During the Allwyn acquisition negotiations, speculation arose that the lottery operator aimed to gain a foothold in the increasingly popular U.S. prediction markets sector.
PrizePicks certainly delivered on that front. In November, the gaming company announced partnerships with Kalshi and Polymarket, incorporating their yes/no contracts, including sports, into its platform. This collaboration also benefits the prediction market companies by providing a notable distribution avenue.
There are indicators suggesting these partnerships are fruitful. On Super Bowl Sunday, PrizePicks ranked as the second-most downloaded mobile app in sports gaming.