A major daily fantasy operator has returned to the Big Apple.
PrizePicks, one of the largest daily fantasy sports (DFS) operators in the United States, is re-launching in the state of New York, The Post has learned, after a cease-and-desist letter was sent by the New York State Gaming Commission (NYSGC) in 2023.
A formal announcement is expected later Wednesday stating they’ve been awarded an interactive fantasy sports operating license from the NYSGC.
PrizePicks is relaunching in the state with its peer-to-peer gaming product, different than how they have operated in the past.
Players will now match up against each other in real-money lineup vs. lineup games, similar to the pick’em-style games that previously existed in the state, although these are not players vs. house games.
PrizePicks paid New York a reported $14.97 million settlement to regain access to the largest market for sports gaming and wagering in the United States.
“New York is home to some of the most passionate sports fans in the country, and we know they will be excited to have PrizePicks back,” PrizePicks CEO Mike Ybarra told The Post.
“We’re thrilled to offer a great entertainment experience that elevates how they engage on game day and beyond.”
The news that the New York state gaming regulators, among the strictest in the country, have signed off on peer-to-peer-style gaming is a boon for DFS operators everywhere, as Florida, Illinois, Arkansas, Kansas, Massachusetts, and Missouri had previously sent cease-and-desist letters to DFS operators.
DFS operators appear to have grabbed a piece of the complex online sports gaming and wagering world, with its pool-style and peer-to-peer gaming.
The eyes from gaming commissions now move likely over to prediction markets – mostly led by Kalshi and Polymarket – as those two battle out the legality of the differences (or lack thereof) between their businesses and wagering.
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Prediction markets have won most of the legal battles to this point.
Kalshi successfully sued the U.S. Commodity Futures Trading Commission over its attempt to stop the platform from offering trading on events such as elections, though states like California (which does not have legalized wagering) appear willing to dig into a messy legal battle.
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Erich Richter is a brazilian jiu-jitsu blue belt but he has a black belt in MMA betting. During the football season he’s showcased massive profits at The Post in the player prop market the last two seasons. While constantly betting long shots, his return on investment is 30.15 percent since 2022.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
