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Published on: October 15, 2025, 03:15h.
Updated on: October 15, 2025, 03:15h.
- Operator’s peer-to-peer framework paves the way for its return to New York
- Uncertainty surrounds PrizePicks’ intentions for a sports betting license in the state
Today, Daily Fantasy Sports (DFS) operator PrizePicks announced its approval to re-enter the New York market, intending to introduce peer-to-peer DFS games in the nation’s fourth-largest state shortly.
PrizePicks exited New York in February 2024 after a $15 million settlement with the New York State Gaming Commission (NYSGC) for operating without a proper gaming license. Since then, the Atlanta-based firm has collaborated with New York regulators to establish a path for re-entry.
“PrizePicks collaborated closely with state gaming regulators to guarantee that its new peer-to-peer contests adhere to New York’s stringent fantasy sports regulations, which were enhanced by the Commission in 2023. Thus, New York becomes the 16th jurisdiction to officially recognize that PrizePicks’ contests qualify as skill-based games under its fantasy sports statutes,” the company stated.
The gaming enterprise has now secured an interactive fantasy sports license in New York.
Significance of PrizePicks’ Peer-to-Peer Approach
The peer-to-peer DFS model mitigates some of the controversies associated with earlier formats, which often resembled traditional house-play competitions.
Moreover, PrizePicks’ peer-to-peer strategy means participants compete against one another rather than against the house, as is prevalent in conventional sports betting. This P2P approach is crucial for operators like PrizePicks, as it dispels the notion that they operate in a manner similar to traditional sportsbooks, which would necessitate different state gaming licenses.
In response to market dynamics, PrizePicks has largely moved away from the house-play model. The self-proclaimed largest DFS enterprise in North America presently offers player versus house DFS only in three states: North Carolina, Texas, and Virginia.
Recently, PrizePicks, a privately held company, sold a 62.3% stake to lottery operator Allwyn for an upfront payment of $1.6 billion, resulting in an enterprise valuation of $2.5 billion.
Is a New York Sports Betting License in PrizePicks’ Future?
Although PrizePicks did not explicitly state its interest in acquiring a New York sports betting license in the announcement, a vacancy exists in the state following Genting’s Resorts World Bet exit.
It’s plausible that PrizePicks could vie for this license if it demonstrates adeptness in complying with the regulations tied to its interactive fantasy sports permit. However, the company is also venturing into prediction markets, which might complicate its aspirations for standard online sports betting licenses.
Speculation suggests that Bet365 might pursue the license previously held by Genting, but this is speculative at this point.
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