Phil Hellmuth Says He Made $20 Million from PrizePicks Investment, Gifts Watch to Founder After Sale

Poker legend Phil Hellmuth claims to have secured an eight-figure investment windfall when daily fantasy startup PrizePicks completed its sale to European lottery giant Allwyn last month

In a video posted to social media, Hellmuth said he will rake in $20 million for his investment in PrizePicks. The video featured Hellmuth gifting PrizePicks founder Adam Wexler a watch valued at more than $50,000 to thank him for the opportunity.

“One thing I do for my founders is I buy them new watches,” Hellmuth says in the clip.

“This one is about $55,000, made from a solid 18-karat white gold,” the salesperson says, placing an IWC Schaffhausen perpetual calendar on Wexler’s wrist.

PrizePicks Completes Sale With $4.1B Ceiling

Hellmuth describes the Allywyn deal as a $4 billion sale. While that’s an eye-catching total, in reality, that number represents a possible ceiling. The actual price Allwyn paid up front for a 62.3% stake in PrizePicks is $1.533 billion, according to a Jan. 16 press release announcing the deal’s closure.

However, Reuters reported that the deal could reach the $4.15 billion valuation Hellmuth is referring to, provided that PrizePicks “reaches certain performance metrics over the next three years.”

That, in turn, may depend heavily on how the company’s foray into prediction markets goes.

PrizePicks has quickly positioned itself to compete in the burgeoning prediction market business in the U.S. Its PrizePicks Predicts app is available in 48 states, with 34 of those offering sports contracts. Its fantasy sports app, which features a product that closely mimics player-prop betting, is available in 46 states.

PrizePicks looks set to continue offering its products in at least the near future. The Trump administration’s Commodity Futures Trading Commission (CFTC) has adamantly maintained the legality of sports prediction markets. The administration has a vested interest in an operator-friendly interpretation of the rules, as the Trump family maintains financial ties to several prediction markets.

Competition for PrizePicks will be stiff, however. In addition to competing with established prediction market entities like Kalshi, it will now face sports betting giants DraftKings and FanDuel.