Cooley Advises PrizePicks on Sale to Allwyn for up to $4.15 Billion
September 22, 2025 – Cooley advised PrizePicks, the largest daily fantasy sports operator in North America, on its definitive agreement for Allwyn International to acquire a majority stake in PrizePicks at an upfront enterprise value of $2.5 billion. If PrizePicks achieves certain performance metrics over the next three years, additional cash consideration under the agreement would result in an enterprise value of up to $4.15 billion. The transaction is anticipated to close in the first half of 2026.
Lawyers Kevin Cooper, Mike Lincoln, Vicky Kandabarow, Eileen Marshall, Paula Fleckenstein, Sarah Buchik, Dennis Craig, Eddie Sniezek, Asal Yunusov and Mariam Kamal led the Cooley team advising PrizePicks.
Cooley has extensive experience handling major sports and gaming transactions through its sports+ initiative. In February 2024, Cooley advised Jackpocket, the first licensed third-party lottery courier app in the US, on its definitive agreement to be acquired by DraftKings for $750 million. In May 2024, Cooley advised PlayAGS, a global gaming supplier of high-performing slots, tables and interactive products, on its definitive agreement to be acquired by the affiliates of Brightstar Capital Partners for $1.1 billion.
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