Published on: February 10, 2026, 02:48h.
Updated on: February 10, 2026, 02:48h.
- The Tourbillon watch is a token of appreciation following PrizePicks’ majority sale to Allwyn
- This transaction places the company’s valuation at approximately $4.15 billion
- Phil Hellmuth was among the initial investors in PrizePicks
Poker icon Phil Hellmuth certainly knows how to express gratitude. Just ask Adam Wexler, the founder and former CEO of PrizePicks.
On Monday, Hellmuth shared a video on X where he and Wexler are seen at an upscale watch store, where the 17-time world poker champion is celebrating Wexler’s achievement of selling a major share of PrizePicks.
“We sold PrizePicks for $4.1 billion: Proud to be an advisor to Adam and an investor. Now, I’m gifting my beloved CEO/Founder Adam a Tourbillon watch—valued at a minimum of $100,000—as a token of gratitude,” the poker legend stated on social media.
The deal in question was made public last September, with PrizePicks initially starting as a daily fantasy sports platform, selling a 62.3% stake to the lottery operator Allwyn for an immediate cash infusion of $1.6 billion, resulting in an enterprise valuation of $2.5 billion for the company.
If PrizePicks meets specific financial benchmarks over three years post-deal closure, Allwyn could enhance its total cash payment by an additional $1 billion, raising Wexler’s company’s worth to $4.15 billion.
Hellmuth’s Investment Genius
He was part of a group of investors that engaged with Atlanta-based PrizePicks in 2020, reportedly offering $850,000 to support the gaming enterprise. Some estimates suggest his ownership in Wexler’s venture could have escalated to around $20 million.
In the same year, Hellmuth made a $300,000 investment in the special purpose acquisition company (SPAC) dMY Technology Group Inc., which later merged with Rush Street Interactive (NYSE: RSI), facilitating its public debut. By July 2024, Hellmuth sold his shares in Rush Street for $1.65 million, while still serving as the company’s brand ambassador. He even sported a Bet Rivers cap while purchasing the watch for Wexler.
However, like all investors, Hellmuth has had his share of missteps. He candidly shared that he passed on buying Bitcoin when it was at $90, despite suggestions from various peers. Other accounts indicate he missed an opportunity that could have turned a $15,000 investment into an astonishing $80 million.
PrizePicks: A Growing Contender in Prediction Markets
When the Allwyn deal was finalized, there was speculation that the lottery operator aimed to acquire PrizePicks for its foothold in the thriving US prediction markets sector.
PrizePicks has certainly delivered on that front. In November, the company unveiled partnerships with Kalshi and Polymarket, expanding those platforms’ yes/no betting options, including sports betting, to its customer base. This collaboration is also advantageous for the prediction market platforms, as PrizePicks offers them a prominent distribution avenue.
Evidence of these partnerships’ success is evident. On Super Bowl Sunday, PrizePicks ranked as the second-most downloaded sports gaming application.