Allwyn International, along with its subsidiaries, joint ventures and associates, has launched $1.64bn in term loan B financing to help fund its previously announced acquisition of a 62.3% stake in PrizePicks, which is expected to be completed in the first quarter of 2026.
The acquisition is still subject to certain closing conditions, including notifications and approvals from applicable regulatory bodies, but was originally agreed upon in September 2025 and marks Allwyn's first entry into the US sports and entertainment market.
"This acquisition will continue to drive Allwyn's momentum and expand our business in the United States," Allwyn Founder and Chair Karel Komarek said at the time of announcement.
"PrizePicks has established its credentials as an industry pioneer, revolutionising the way fans engage with the athletes they love, making the contests more thrilling and immersive. We are excited to work with PrizePicks to shape the future of this new frontier in casual entertainment."
PrizePicks will continue to operate as a standalone brand once the acquisition is finalized, and will retain its current leadership team such as Founder Adam Wexler and CEO Mike Ybarra.
Allwyn also provided a trading update for shareholders as part of the financing launch, stating 'exceptionally customer-friendly sports results' affected operations for the period ending on September 30 and impacted sports betting margins.
Despite the customer-friendly results, the operator stated its "diversification," such as "significant exposure" to lottery and additional verticals, helps reduce the impact of such results throughout the period.
In personnel-related news, Allwyn North America CEO Wayne Pickup will officially be stepping down from the position on November 14, 2025, having served with the lottery operator for over seven years following his work with companies such as International Game Technology and Lotto New Zealand.
Pickup is set to become CEO and Managing Director of The Lottery Corporation following Sue van der Merwe's retirement, which was first announced in March 2025. Allwyn brought in former Betfred USA CEO Kresimir Spajic to lead its new Digital sector on August 21, having first stepped into the role on September 1.
Allwyn North America partnered with DC Lottery to launch its portfolio of e-Instant games across the District on April 25, featuring over 300 games provided by its gaming studios
