Hellmuth Rewards PrizePicks Founder After Allwyn Sale

Seventeen-time World Series of Poker champion Phil Hellmuth demonstrated his appreciation for a winning bet by presenting PrizePicks founder Adam Wexler with a $100,000 Tourbillon watch.

The gift commemorates PrizePicks’ landmark sale to European lottery giant Allwyn, a transaction that could ultimately value the daily fantasy sports pioneer at $4.15 billion. Hellmuth, who served as an advisor and early investor in the company, shared a video of the gift exchange at a high-end watch boutique.

Allwyn paid $1.6 billion upfront for a 62.3% controlling stake in PrizePicks, with the potential for an additional $1 billion in earnout payments based on financial performance over the next three years. The deal represents one of the largest transactions in the fantasy sports and prediction markets space.

Hellmuth’s 2020 investment of $850,000 as part of a consortium has reportedly appreciated to roughly $20 million, underscoring the poker pro’s acumen as an angel investor. The PrizePicks investment follows his successful bet on Rush Street Interactive through a SPAC merger.

Since the Allwyn acquisition, PrizePicks has aggressively expanded into prediction markets, signing deals with Kalshi and Polymarket to offer their event-based contracts to PrizePicks’ established user base. The platform’s popularity continues to surge, as evidenced by its status as the second most-downloaded sports gaming app during Super Bowl weekend.

The Allwyn deal reflects growing consolidation in the gaming sector, with traditional lottery operators seeking exposure to emerging verticals like prediction markets. For PrizePicks, the partnership provides capital and infrastructure to compete with established sportsbooks and daily fantasy leaders.

Hellmuth’s gesture highlights the close relationships between high-profile poker players and gaming entrepreneurs, as well as the lucrative returns available to early backers of successful gaming startups.