PrizePicks has tapped investment bank Moelis & Co to explore potential mergers and acquisitions, according to industry sources.
The Atlanta-based company – and the self-proclaimed largest daily fantasy sports (DFS) operator in North America – isn’t actively seeking a full-scale sale. It’s evidently keen on expanding and strengthening its footprint through strategic partnerships or acquisitions and potentially has an eye on raising a war chest to compete in regulated online sports betting with the likes of market leaders DraftKings and FanDuel.
Bloombergwas the first to report the rumour involving Moelis & Co’s involvement, although so far it’s light on details.
PrizePicks stands out in the DFS landscape with its unique approach to gaming. Unlike traditional DFS platforms where users draft entire teams, PrizePicks allows users to predict the over/under on individual player statistics and fantasy scores. PrizePicks recently found its way back into several regulated markets, which could help strengthen its viability and sustainability cases.
DraftKings, FanDuel offer more
DraftKings and FanDuel, the two giants in the DFS market, offer a more extensive range of contests, including massive tournaments and head-to-head games. They also provide a wealth of stats and features to help users craft their ideal teams and their platforms are available in over 44 states, making them the most widely accessible DFS options.
The Bloomberg rumour comes as PrizePicks continues to navigate a complex regulatory landscape for DFS and so-called DFS+ operators across the US. The DFS sector has been marked by rapid growth and evolution, with companies increasingly seeking to capitalise on the growing popularity of sports wagering.
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